Issuu

Issue 128 | Q4 2026

14 Smarter due diligence

26 Fairy tale lending?

Setting the standard What being part of the NACFB community means

50 Reading the rates

63 AI’s legal eye

Broking the right deal for your client

is just a phone call away Search HSBC UK Commercial Brokers or scan the QR code to find out more

In this issue Issue 128 | Q4 2026 NACFB news 4 6 8 10

NACFB Sponsors 2026

Note from Jim Higginbotham: Our biggest chapter NACFB News: NACFB warns Members over loan stacking risks NACFB News: NACFB sets out new Community Standards HSBC UK: Note from headline sponsor

Patron profile 12

FOLK2FOLK: Beyond criteria

Compliance update 14

NACFB: A smarter approach to broker due diligence

Ask the expert 16

Gnosis Advisory: Reading the room

Special feature 18

A smarter approach to broker due diligence

NACFB: Birds of a feather

Industry insights 22 24 26 28 30 32 34 39 42 44 46 48 50 52 54 56 58 60 63 66 68 70 72 74 76 78 80 82 84 86 90

Cambridge & Counties Bank: Supporting SME house builders Haydock Finance: Funding efficiency Reward Asset Finance: Reading between the lines Allica Bank: Hospitality’s £4.6bn finance gap Shawbrook Real Estate: The bigger picture Hampshire Trust Bank: What makes a buy-to-let deal worth doing now? United Trust Bank: Going against the grain Barclays: Bringing Barclays closer to brokers Funding Circle: More ways to say yes Together: The EPC reality check Triodos Bank UK: Building better futures Unity Trust Bank: Cool capital YBS Commercial Mortgages: Reading the rates Blacks: A different route Daizun Property Finance: Building confidence Roma Finance: Beyond the transaction Doc2: Breaking old habits Bibby Foreign Exchange: Riding the currency swings Clarion: AI and the legal eye Chetwood Bank for CHL Mortgages: Beyond the rate Recognise Bank: A market in motion Solifi: Keeping things moving InterBay: Opening new doors Triple Point: Building on firmer ground Hope Capital Property Finance: Keeping projects and exits on track 4Syte Secured Finance: Secured lending deserves an earlier look Glenhawk: Rate or delivery? Fleximize: Beyond the high street NACFB Mutual: Built for the cycle NACFB Listicle: And the winners are… Five minutes with: Lauren Pamma | Aldermore Bank

Meet Anthony Ridge Barclays

Five minutes with Lauren Pamma

The team behind the magazine Kieran Jones Editor & Feature Writer Kieran.Jones@nacfb.org.uk

Laura Mills Communications Manager Laura.Mills@nacfb.org.uk

Elizabeth Weller Content Marketing Specialist Elizabeth.Weller@nacfb.org.uk

Samantha Scales Graphic Designer Samantha.Scales@nacfb.org.uk

Jenny Barrett Membership Manager Jenny.Barrett@nacfb.org.uk

Sophie Olejnik Digital Marketing Executive Sophie.Olejnik@nacfb.org.uk

Amber-Jane Roye Graphic Designer Amber-Jane.Roye@nacfb.org.uk

Pensord Production pensord.co.uk

NACFB | Welcome

Our biggest chapter W

elcome to the final edition of Commercial Broker for 2026 - and, fittingly, our biggest issue to date. There are more articles, more contributors and more lenders supporting this edition than ever before. I want to begin by thanking everyone who has contributed to the magazine this year, whether by sharing their expertise, giving us their time, supporting an edition commercially or simply reading and engaging with what we produce. Commercial Broker exists for our community, and its continued growth reflects the strength and breadth of that community.

Jim Higginbotham Chief Executive Officer NACFB

There is certainly plenty to talk about. We are fresh from another fantastic Commercial Broker Awards, where we celebrated the very best of our broking community, and attention now turns to the Commercial Lender Awards and recognising the lenders and individuals who support our Members and their SME clients. Alongside the awards, there is a great deal happening across the Association. We have more Funding Future Growth roadshows still to come, our AGM approaching, surveys and consultations seeking your views, and several significant projects progressing behind the scenes. That includes our evolving digital offering. We have been doing a huge amount of work on how Members interact with the NACFB online and how we can make our digital services simpler, more useful and better connected. There will be much more to share on that in due course. It makes for a busy end to an already busy year, but everything we are working on has the Member firmly in mind. We greatly appreciate the continued engagement of our community and look forward to sharing the fruits of that work with you. My ask, as we head towards the end of 2026, is simply to stay involved. Respond to the surveys. Join us at the roadshows. Vote in the AGMs. Tell us what is working and, just as importantly, what isn’t. We describe the NACFB as the home of responsible broking. That cannot just be something we say. It requires responsible brokers to show up - for their clients, for their peers and for their wider community. The stronger the participation, the stronger our collective voice and the more we can achieve together. Thank you for your support throughout 2026. I hope you enjoy our biggest edition yet, and I look forward to seeing many of you over the coming months.

Assurance that helps brokers stand out.

The NACFB – home of responsible broking.

NACFB | NACFB news

NACFB warns Members over loan stacking risks Association issues Dear Member letter on responsible commercial finance

he NACFB has called on brokers and lenders to maintain high standards of responsible finance as it steps up its focus on the risks associated with loan stacking. Earlier this month, the Association wrote to its entire community highlighting concerns around businesses taking out multiple finance facilities without sufficient consideration of their existing commitments, overall needs or ability to service combined repayments. The letter, the second in a new ‘Dear Member’ series addressing areas of concern and emerging risk across commercial finance, urged brokers to look beyond whether funding is available and consider whether further borrowing represents an affordable, suitable and sustainable solution for the customer. The NACFB warned that what begins as a short-term response to cashflow pressure can develop into an unsustainable cycle, with new borrowing used to meet existing repayments or maturing debt. Members were reminded that the availability of finance alone does not demonstrate that proceeding is in the customer’s best interests. Jim Higginbotham, NACFB CEO, said the issue needed to be considered in

the context of a diverse commercial finance market, where businesses can legitimately prioritise speed and certainty alongside cost. “For some businesses, speed and certainty of funding can understandably carry as much weight as headline cost, particularly when they are managing an immediate cash-flow pressure or timesensitive opportunity,” he said.

for the customer’s identified needs and circumstances.

“But that makes the responsibility across the market even greater. There are parts of the broker community where the necessary checks around serviceability, affordability and appropriateness have not always been undertaken with sufficient rigour.”

“The objective is not to restrict access to finance,” Higginbotham added. “It is to ensure that when an SME takes on borrowing, the finance genuinely serves the needs of that business rather than simply being finance that was available.”

Higginbotham said responsibility did not rest solely with intermediaries, pointing also to lender practices where high commissions or low barriers to submitting and approving cases could risk creating the wrong incentives. “This is therefore a systemic issue rather than one that can simply be laid at the door of either brokers or lenders,” he said. “The NACFB is working with the broker community to ensure responsible broking is not only expected, but demonstrably prevails.” Under the Association’s standards, Members must maintain a clear written rationale explaining why a proposed product and lender are appropriate

The NACFB is reinforcing this through its Assurance programme and strengthened behavioural standards, with the aim of identifying more clearly where practices fall below those expected across the commercial finance market.

The NACFB is working with the broker community to ensure responsible broking is not only expected but demonstrably prevails

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NACFB | NACFB news

NACFB sets out new Community Standards New framework establishes behavioural expectations across the Association’s community

he NACFB has shared a new set of Community Standards designed to establish clear behavioural expectations for brokers and lenders operating across the intermediary-led SME finance market. The Standards, which will be put to the Association’s membership at this year’s AGM, have been developed to complement the NACFB’s Assurance programme, which assesses Member firms across business integrity, regulatory adherence and the robustness of their processes.

and open; act with integrity; demonstrate professionalism; raise standards collectively; and champion inclusion and respect. Jim Higginbotham, NACFB CEO, explores the thinking behind the framework in this month’s Commercial Broker cover feature (p. 18), including what prompted its development and how shared behavioural expectations can strengthen the Association’s position as the home of responsible broking.

Written in plain English, the six principles deliberately extend beyond regulatory requirements to set out the behaviours expected of organisations operating within the NACFB community.

“The vast majority of our community already operates with professionalism, integrity and a clear sense of responsibility, but being part of the NACFB should carry an expectation that goes beyond simply meeting regulatory requirements,” Higginbotham said.

They call on brokers and lenders to put good customer outcomes first; be clear

“Our Community Standards make those expectations explicit. They are

deliberately straightforward, applying equally to how we serve SMEs, how brokers and lenders work with one another, and how we collectively respond when behaviours fall short.” Alongside the Standards, the NACFB is establishing flag@nacfb.org.uk, a confidential reporting mechanism through which brokers, lenders and borrowers can anonymously raise concerns about behaviours they believe fall short of those expectations. Reports will enable the Association to identify and track concerns, establish patterns of behaviour and, where demonstrable poor practice is identified, intervene directly with Member firms. Where appropriate, the NACFB will seek remedial action and can apply sanctions, with serious or persistent breaches potentially resulting in expulsion from membership.

Commercial Lender Awards shortlist revealed Record entries set the stage for the Association’s flagship lender awards

he NACFB has unveiled the shortlist for its 2026 Commercial Lender Awards following a record 497 entries across 25 categories from Patron lenders and Partner suppliers. Submissions increased by 16% year-on-year, entries were assessed by an expert judging panel against

established criteria, with organisationonly categories judged anonymously to support fairness and consistency. NACFB Member brokers will now help determine the winners and highly commended entries, with voting open until 5pm on Tuesday 20th October. Each eligible Member firm can cast up to five votes per category.

All shortlisted lending organisations will also automatically be entered into the overall NACFB Commercial Lender of the Year category. Winners will be revealed at the awards ceremony in London on Thursday 26th November 2026.

You’ve got mail. Did our newspaper pop through your letterbox? If it did, consider this a follow up. If it didn’t, consider this an introduction. We’d love to work with more brokers that have the same passion we do - helping businesses grow.

Work with us www.letsdobusinessfinance.co.uk Let’s Do Business Finance is the trading name of Capitalise Business Support Limited (CBS), registered at 8 High Street, Heathfield, TN21 8LS. Company Register number is 05003078. Capitalise Business Support Limited is Authorised and Regulated by the Financial Conduct Authority. Our FCA registration number is 725528.

10 NACFB | Note from our sponsor

From strength to strength Reflecting on our journey as NACFB headline sponsor Ian Coulson Head of Commercial Brokerage HSBC UK

s we enter the final quarter of our first year as headline sponsor of the NACFB, it is fair to say that the past ten months have been both busy and immensely rewarding for everyone across HSBC UK Brokerage. The sponsorship has provided a valuable platform to strengthen existing relationships, build new partnerships and demonstrate our commitment to supporting the commercial broker community. Throughout the year, we have engaged with brokers and introducers across the UK, reinforcing the important role they play in helping businesses access the funding and support they need to grow. A standout moment was the annual NACFB Commercial Finance Expo at the NEC. It was our most successful Expo with the NACFB to date, exceeding expectations in terms of engagement, collaboration and the quality of conversations held throughout the day. The event remains a key date in the commercial finance calendar, bringing together brokers, lenders and industry professionals with a shared ambition to support UK businesses. What made this year’s event particularly memorable was seeing so many of our valued broker partners recognised for their achievements. Celebrating alongside award winners and long-standing partners was a proud moment for our team and a testament to the dedication, expertise and professionalism across the broker community. These relationships are central to our involvement with the NACFB and demonstrate the value of collaboration in delivering positive outcomes for customers. Looking ahead, there is much to be excited about. We are eagerly anticipating the NACFB Commercial Lender Awards, another excellent opportunity to recognise excellence across the industry and celebrate the achievements of brokers

and lenders. Events such as these highlight the innovation, resilience and commitment that continue to drive the commercial finance sector forward. The remainder of 2026 and our journey into 2027 promise to be equally exciting. During Q4, subject to final delivery timelines, HSBC UK Brokerage is looking forward to launching its new Broker Portal. Designed to enhance the broker experience, improve accessibility, and increase efficiency throughout the application journey, the portal represents an important step forward in our proposition. Alongside this development, we have further enhancements planned, all focused on making it easier for brokers to do business with HSBC UK while helping deliver better outcomes for customers. As headline sponsor, we would like to thank the NACFB, its members and the wider broker community for their support, collaboration, and partnership throughout the year. We are proud of what we have achieved together and look forward to building on this momentum, continuing to invest in our proposition, strengthening our relationships, and supporting brokers throughout 2027 in line with our agreed sponsorship commitment.

…relationships are central to our involvement with the NACFB and demonstrate the value of collaboration in delivering positive outcomes for customers

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12 NACFB | Patron profile

Kawai Chung Chief Executive Officer FOLK2FOLK

Beyond criteria Why understanding lender judgement matters more than ever

he growth of specialist finance over the past decade has given brokers and borrowers a wider range of funding options than ever before. Greater competition has expanded choice, encouraged innovation and improved access to capital for businesses whose circumstances do not always fit neatly within conventional lending models. However, as with many things in life, greater choice can also bring additional complexity and uncertainty. Identifying lenders whose criteria align with a client’s requirements remains an important part of the process for brokers, but successful placement increasingly depends on the intangibles. Sometimes, it is not immediately clear how a lender is likely to view a transaction once the key, and sometimes less obvious, details emerge. Published lender criteria are the essential starting point, helping brokers establish who is prepared to consider an opportunity. Criteria provides definitive guidance around areas such as leverage, security, repayment strategy and lending purpose. Applying those criteria is generally more straightforward for mainstream owner-occupied mortgages or buy-to-let loans than in specialist property finance. What criteria do not fully convey is how those elements are weighed together in credit decision-making. Transactions are rarely assessed through the lens of any single factor, with decisions often influenced by the interplay between the quality of

the security, the borrower’s circumstances, the strength of the proposed repayment strategy and the wider commercial rationale. Two opportunities that appear broadly similar on paper can sometimes produce very different outcomes. Communicating these decisions is key to maintaining good relationships and improving mutual understanding between brokers and lenders. When a transaction does not fit a lender’s policy, it does not mean one lender is right and another wrong, or that the broker misread the criteria. Lenders simply place different weight on different aspects of risk, which criteria alone cannot fully capture. At FOLK2FOLK, we aim to explain how we bring these factors together rather than simply sharing criteria and leaving brokers to fend for themselves. The most effective broker-lender relationships are often built not only on knowledge of products and policies, but on a deeper appreciation of how opportunities are likely to be viewed. Our aim is to help brokers improve their understanding of these so that they can manage client expectations and shape submissions in a way that provides the context needed for a balanced assessment. At FOLK2FOLK, we have spent more than a decade providing property-backed business loans across the UK. Our experience is that early and open dialogue produces better outcomes for everyone involved.

When brokers engage with us at an early stage, it creates an opportunity to discuss the strengths of a transaction and highlight key areas that may require consideration. Those conversations are often more valuable than any criteria guide because they help build a fuller picture of the opportunity. Potential challenges can also be addressed head on before significant time and resources have been invested. In our view, the strongest submissions are rarely those that present a transaction as flawless. Proposals that explain both the opportunities and the risks provide the context needed for the lender to understand how risks are being managed. In specialist lending, transactions often contain nuances that aren’t always captured by a standard set of rules. Criteria provide a framework for consistency and discipline, while judgement remains an important element of the decision-making process.

Our experience is that early and open dialogue produces better outcomes for everyone involved

With the above in mind, we recently launched Inside Credit, an initiative designed to provide brokers with greater visibility into the factors that influence our lending decisions. We cannot make lending decisions entirely predictable in the segment of the market in which we operate. Transactions are often unique in their own ways, so our mission is to offer broker partners greater transparency around how we think about areas such as security, repayment, borrower circumstances and risk. We believe that better understanding can lead to more productive conversations, better-prepared submissions and, ultimately, better-informed decisions. As funding markets evolve, criteria will remain essential for establishing suitability and framing initial discussions. But they can only ever tell part of the story. The broader challenge, and perhaps the more interesting one, is understanding how a lender thinks. Understanding how lenders balance competing considerations, approach risk and reach a judgement when a transaction sits in front of them is often what makes the difference. In an increasingly diverse lending market, that understanding may be one of the most valuable pieces of information a broker can have. While criteria may determine whether a conversation begins, a lender’s thinking often determines where that conversation ultimately leads.

14 NACFB | Compliance

A smarter approach to broker due diligence Giving lenders greater confidence whilst cutting needless duplication Sarah Cunningham Head of Assurance & Compliance NACFB

The Association wants its broker Assurance badge to become a recognised mark of quality

rust sits at the very heart of commercial finance. Businesses trust brokers to understand what they need and find the right route to funding. Lenders trust brokers to know their clients, present cases properly and operate to the standards expected of them. That trust is vital, but it is always stronger when it can be evidenced. That is the thinking behind the NACFB’s Assurance programme. Every NACFB Member firm is required to complete an annual assessment of its business regulatory adherence and the robustness of its processes. The review covers more than 70 areas, with each submission assessed by an NACFB Compliance Assurance Officer before a dedicated call is held with the firm. Any areas requiring further work are discussed and remediation is worked through with the Member. It is not a one-off exercise either. Every Member firm undertakes the evolving process every year. The purpose is to provide confidence that firms carrying the NACFB assurance badge continue to meet the standards expected of them. That is critical for lenders, but it matters just as much to the businesses using brokers to access finance. Over time, the Association wants its broker Assurance badge to become a recognised mark of quality

and a clearer distinction between firms prepared to subject themselves to regular scrutiny and those that are not. The next, step is to make better use of the work already being done.

A shared starting point NACFB Patron lenders can now search for Member firms on their broker panels and request access to relevant information from their annual review. The value is clear and simple. Instead of beginning every broker review from scratch, lenders with the members consent can draw on information that has already been gathered, reviewed and discussed with the Member firm. For brokers, that should certainly mean less repetition. Many firms face numerous due diligence requests each year, often asking broadly the same questions in slightly different formats. Each request takes time to complete and maintain. Lenders face the same problem from the other side, collecting, reviewing and storing information across large broker panels. Assurance gives both parties a better starting point. It is not designed to replace a lender’s own due diligence or oversight framework. Different lenders will always have different requirements, risk appetites and additional questions they need to ask. But the platform was developed with lender oversight requirements in mind and is intended to cover as many of the common areas as possible. It should allow firms to build on existing information rather than repeatedly recreating it. Early lender feedback suggests that is already happening. Ricardo Velazquez Alvarez, broker oversight manager at Paragon Bank, says the system has provided “a more structured approach” to monitoring and managing compliance, whilst reducing duplication and streamlining workflows. He also points to the benefit of clearer assurance checks, audit trails and closer collaboration with the NACFB. Over at Landbay, Beth Foryszewski describes the platform as a way to understand broker businesses better while reducing the need to regularly request files. She says it provides a faster route to accurate, up-to-date information and makes compliance and assurance more efficient for everyone involved. Atom Bank is also using the system to support broker onboarding. Donna Prince says the bank can refer to the NACFB’s due diligence and compliance information when

considering new broker firms, giving it added confidence that they have already been through a thorough review. In practical terms, that should mean less time spent repeating diligence work and a simpler onboarding process.

Making standards count The efficiency gains are important, but the wider point is more important. If NACFB Members are being asked to evidence their standards every year, that effort should mean something in the market. There should be a visible difference between firms that are willing to demonstrate how they operate and those that have not undergone the same level of scrutiny. That is where lenders have an important role to play. The NACFB can set expectations for its Members and provide the framework to test them, but stronger standards only have real value if the wider market recognises them. If lenders continue to treat all brokers in exactly the same way, regardless of whether they have gone through a structured annual review, the incentive to raise the bar is weakened. That does not mean lenders should hand responsibility for oversight to the NACFB. Nor should Assurance become a substitute for good judgement. It should, however, become a meaningful part of how lenders assess, onboard and manage broker relationships. The system is there to make that easier. For brokers, it reduces duplication and gives them a clearer way to demonstrate the strength of their business. For lenders, it provides better information and a more efficient starting point. For the wider market, it offers something even more valuable: a practical way to make trust more visible. If the industry really wants higher standards, this is the sort of approach it should be prepared to use.

Stronger standards only have real value if the wider market recognises them

16 NACFB | Ask the expert

Reading the room E

duardo Rios, PhD, is director of Gnosis Advisory, a boutique consultancy specialising in commercial due diligence, growth strategy and data-driven impact analysis. Eduardo has also worked closely with the NACFB over recent years, helping the Association make better use of its data and turn it into clearer, more meaningful insight.

able to interrogate an aggregated database by sector, year, product or channel. Get those fundamentals right and many initial questions can be answered internally, with specialists brought in only where deeper analysis is required.

Has having more data actually made organisations better at making decisions?

Context is everything. If 90% of your lending volume comes from three clients, your picture of the ‘typical customer’ may simply be describing those three businesses. Instead, ask what sits behind the number. If lending to restaurants is growing, is that because you are generating more leads, because the sector itself is expanding, or because your proposition is particularly strong there? The signal is what helps you understand the wave you are actually riding.

Yes, but only if they fix their underlying data problems first. Otherwise, more data can simply mean more expensive mistakes. There are usually three issues: data sits in silos, it isn’t clean, and it contains bias. If account managers spend more time with larger clients, for example, you naturally collect more information about them. Over time, products and messaging can become disproportionately shaped around those clients rather than the smaller majority who may actually need the finance. Where should a business with plenty of data but no strategy start? Break the silos, clean the data and identify the biases. The goal should be to create an environment where people across the organisation can interrogate the data and test their intuition. A business development director asking which sectors are showing greater demand should be

How do you separate signal from an interesting-looking statistic?

What makes a piece of analysis genuinely stand out? The “so what”. A large dataset is only valuable if it leads to action. Good analysis is as much about asking the right question as finding the answer. AI and large language models have lowered the barrier considerably. Questions that once required significant resource can now be explored much more quickly, provided the underlying data is properly structured.

Eduardo Rios PhD Director Gnosis Advisory

How do you turn data into a more human story? Combine data with narrative. People rarely get behind change because of a statistic alone. Rather than saying, “companies with 30–50 employees are selling more to industrial businesses in the Midlands”, explain what that means in practice: a lender supporting a growing local business, creating jobs and investment. The “so what” needs to land in terms people can picture. How do organisations protect judgement as AI’s role grows? You need the right data structure, the right training and the right processes. People need to understand issues such as bias and hallucination risk, while AI-generated analysis still needs deliberate cross-checking. That might mean an analyst validating the numbers, or simply asking whether the conclusion passes the smell test against what sales teams and operational colleagues are seeing in the real world.

Break the silos, clean the data and identify the biases

18 NACFB | Special feature

Birds of a feather Jim Higginbotham CEO NACFB

Shared standards, stronger trust and a more credible broker community

ave you ever watched a large flock of birds sweep across the sky, their bodies moving in perfect harmony as though connected by an invisible thread? A small, insignificant bird is transformed in the flock from an isolated flutter of wings into part of a mesmerising, swooping colossus. What looks like an impossibly difficult feat of co-ordination is actually controlled by just a few basic rules. Follow the bird in front and always stay about one body length away from the bird in front and the birds either side of you. Quite often in business, we fool ourselves into thinking that the more rules we apply, the tighter the control we achieve. Yet the opposite is often true. Too many rules can obscure the behaviours that really matter, while a small number of clear and commonly understood principles can bring people together remarkably effectively.

The power of the collective Here at the NACFB, we have more than 1,500 Member firms and over 3,500 individual brokers. Many of our Members are one or two-person brokerages who, in isolation, can have limited influence on the industry. But when they are considered as part of a 3,500-strong community, they become something much more powerful: a collective voice that can be heard at the highest levels of policy and decision-making in our industry. What makes the NACFB community powerful and relevant, however, is not simply the scale of its membership base. It is the shared desire to stand for doing things right. Just like the birds, our individual Members can be transformed into something infinitely more powerful by a common set of beliefs and the adoption of a few basic rules. That matters because the broker market itself has become much more important to the way

SMEs access finance. Brokers are no longer on the periphery of the market; they are a central part of how businesses navigate an increasingly broad and complex funding landscape. Trust has always been the lubricant that allows finance to flow. As that funding landscape increases in complexity and technology facilitates ever-faster access to credit, the typical SME borrower needs more and more help to ensure they get the funding that is right for them. But who can they trust to help them? Lenders face a similar question. They are dealing with increasing levels of regulation and, with at least half of the finance written by UK lenders last year being originated through the broker channel, they need confidence in the brokers representing customers to them. Which brokers can they trust to mitigate regulatory risks, behave professionally and, most importantly, help deliver good customer outcomes? Those questions cannot be answered by a badge alone.

Turning trust into practice At the NACFB we work hard to build trust, not with platitudes but with actions. Our broker Assurance process helps all our Members ensure they are operating within the regulatory

A few simple rules, consistently followed, can be remarkably powerful

rules applicable to the business they write and that full commission disclosure is adopted across both regulated and non-regulated business flows. This regulatory health check has to be passed before a broker is allowed to become a Member and is repeated on an annual basis. It is deliberately not something completed once and then forgotten. Standards need to be maintained as businesses grow, regulation evolves and markets change. The data collected through this process can then, with the Member’s permission, be made available to lenders to evidence their compliance and save significant time otherwise spent duplicating the assurance process individually. It creates a more useful starting point for lender due diligence while giving the Member a practical way to demonstrate the work they have already undertaken. We also provide an ongoing compliance help desk and issue regular Member guidance on important and emerging topics. The intention is not simply to identify problems after they arise, but to help Members understand expectations and maintain standards as part of the day-to-day running of their businesses. In addition to this, we are now introducing our Community Standards, a set of behavioural standards for Members that sit alongside the regulatory standards already captured through our Assurance process. These are the few simple rules that can transform our Members into an even more powerful collective voice, raising the level of trust in our community and acting as a real differentiator in the marketplace. They are not complex rules. They are basic behaviours that any professional organisation should be comfortable adopting.

NACFB Community Standards 1. Put good outcomes first: We act in ways that support fair, suitable, and well-explained outcomes for the businesses we serve. 2. Be clear and open: We communicate honestly, explain things properly, and are transparent about roles, costs, risks, and decisions. 3. Act with integrity: We do the right thing, even when it is difficult, and we do not let commercial interest override good judgement. 4. Show professionalism: We bring the right care, competence, and respect to our work, and we take responsibility for the standard of it. 5. Raise standards together: We share knowledge, insights and good practice whilst respectfully challenging poor practice with a view to strengthening the reputation of the broker-led finance market. 6. Champion inclusion and respect: We value different perspectives, backgrounds, and experiences, and contribute to an environment where people are treated fairly and with respect

Standards have to mean something It is a well-known truism that trust is very hard to gain but very easy to lose. That is particularly true when you are part of a wider community. It only takes a few within that community

20 NACFB | Special feature

What makes the NACFB community powerful and relevant is the shared desire to stand for doing things right

behaving consistently in a manner that contradicts these standards to begin undermining the work being done by everybody else. That is why Community Standards cannot simply become another document that organisations sign and then put in a drawer. They need to mean something. Where Members, Patrons or Partners are consistently behaving in a manner inconsistent with our agreed standards, we will address this directly with those concerned. Where we cannot agree a mutually acceptable way forward, we will rescind their membership. That is an important part of maintaining the credibility of what we are trying to build. If we want NACFB membership to represent something meaningful in the marketplace, there must ultimately be consequences when the standards associated with it are repeatedly ignored. But enforcement is only one side of this. The more important ambition is to create a community where good behaviour becomes the norm because everybody understands the value of it. When thousands of brokers operate to common regulatory and behavioural expectations, individual firms benefit from the reputation of the collective. Lenders have greater confidence in the brokers they choose to work with. SMEs have a clearer indicator of where they can look for professional support. And the broker-led finance market strengthens its standing

with regulators, policymakers and the wider business community. For me, that is the opportunity in front of us. As SMEs look to understand who they can trust to help them find the right funding solution, and lenders look to understand which brokers will service the end customer in a compliant and appropriate way, NACFB membership can proudly position itself as a differentiated community that can be trusted. Like the flock, the power does not come from any one individual. It comes from thousands of people agreeing how they want to operate and understanding that their own behaviour contributes to something bigger. A few simple rules, consistently followed, can be remarkably powerful.

At the NACFB we work hard to build trust, not with platitudes but with actions

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22 NACFB | Special feature

Supporting SME house builders Why smaller sites deserve specialist lending Jayne Follows Head of Real Estate Cambridge & Counties Bank

should look closely at the overall cost of borrowing (including arrangement fees, monitoring costs, and exit fees). Choosing a provider that is clear and upfront about fees from the outset can help avoid unexpected costs later in the project.

uch of the conversation around property development finance continues to focus on scale: large sites, national developers and multi‑phase schemes running well into double‑digit millions. Yet across the UK, SME house builders delivering smaller, local schemes play a vital role in meeting housing demand, often operating quietly, efficiently and under the radar.

Equally important is finding a provider that can support developers beyond the construction phase. For many SME house builders, having access to a ‘one-stop shop’ lender can simplify the funding journey considerably. The potential to transition from a development finance loan onto a long-term loan, whilst continuing to work with the same relationship manager, can save time, reduce complexity, and provide valuable continuity.

These are experienced builders working with a single plot, or a modest area of land. They may be delivering two, five or 10 homes rather than hundreds, but collectively their contribution is significant. Despite this, many still face challenges accessing finance, particularly where borrowing requirements sit below the £10 million mark and fall outside the appetite of larger development lenders.

For brokers, this presents a clear opportunity. The challenge is rarely the viability of the project itself but finding funding solutions that reflect the commercial reality of smaller schemes. SME house builders value relationships, clarity and speed of decision‑making. They want to work with lenders who take the time to understand their business model and how a project will evolve.

Smaller house builders often don’t fit neatly into mainstream development funding models. Their projects may be modest in size but no less complex, and they frequently require funding partners who understand phased cashflow and hands‑on delivery. Many are experienced operators with strong track records yet still find themselves underserved because their deal size is considered too small or too specialised. For developers and brokers alike, choosing a lender with experience in the property development sector is therefore critical. Development finance is a specialist area and working with a provider that understands the nuances of smaller schemes, local markets, and SME developers can make a significant difference not only to the funding process, but also the eventual outcome of the project Transparency is also an important consideration when selecting a lender. While headline rates can appear attractive, developers

Brokers who can connect these clients with lenders that actively support smaller schemes and offer transparent pricing and demonstrate genuine sector expertise are not only adding immediate value, but also helping sustain local housebuilding and regional growth. As the market continues to evolve, it’s essential that SME house builders are not overlooked. Supporting them isn’t just about funding bricks and mortar; it’s about recognising their role in the wider housing ecosystem.

Smaller house builders often don’t fit neatly into mainstream development funding models

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24 NACFB | Special feature

Funding efficiency Making the green transition pay James Waterson Head of Green Finance Haydock Finance

or many SMEs, the green transition is no longer a question of whether to invest, but when and how. The challenge is making the commercial case stack up.

Green finance is sometimes viewed as a niche area, relevant mainly to businesses with ambitious net zero strategies. In reality, the strongest driver of green investment is increasingly straightforward: improving the economics of running a business. Energy costs, operational efficiency, customer requirements and competitiveness are all influencing investment decisions. Solar generation, more efficient machinery, electric vehicles and charging infrastructure can, in the right circumstances, reduce costs as well as emissions. The scale of the opportunity is significant. The British Business Bank’s 2025 SMEs and Net Zero report found that 77% of SMEs had already taken at least one action towards net zero, while 63% believed progressing towards net zero could deliver benefits for their organisation. SMEs also account for around 37% of the UK’s greenhouse gas emissions, underlining the important role they will play in the transition. Yet there is still a considerable gap between ambition and investment. Cost remains one of the most commonly cited barriers to decarbonisation. Ofgem’s 2025 research found that, among businesses facing barriers to decarbonisation, cost was the most common, cited by 15%. This is where the commercial finance industry has an important role to play. For brokers, a conversation about green investment should not necessarily begin with carbon reduction. It should begin with the underlying business problem. Whether the business is trying to reduce energy costs, improve productivity, replace an ageing vehicle fleet, increase energy resilience or meet the requirements of a major customer.

There is also an opportunity to challenge the perception that green finance is inherently complicated. Some investments are relatively straightforward productive assets, while others involve larger or more complex projects requiring greater assessment of technology, projected savings, cashflow and the wider commercial proposition. The key is understanding that there is no single route to decarbonisation. An SME investing in solar panels has different requirements from a manufacturer replacing energy-intensive machinery, or a logistics business transitioning its fleet. Finance therefore needs to be considered alongside the investment itself, rather than as an afterthought. The supply chain is another increasingly important factor. The British Business Bank’s latest research found that 37% of mediumsized businesses had been asked for carbon data by customers or as part of a tender exercise, compared with just 3% of businesses without employees. As sustainability requirements move down supply chains, environmental investment could increasingly become a condition of winning and retaining business. For brokers, this creates an opportunity to add genuine value. Understanding the commercial rationale behind a green investment, asking the right questions and recognising when specialist knowledge is needed can help turn an environmental ambition into a viable business investment. Green finance should ultimately be judged by the same principle as any other business investment: does it make commercial sense? Increasingly, the answer will be yes, not simply because it is greener, but because it can make a business more efficient, resilient and competitive.

Cost remains one of the most commonly cited barriers to decarbonisation

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26 NACFB | Special feature

Robert Still Managing Director Reward Asset Finance

Reading between the lines Is storybook lending just a fairytale?

torybook lending is an idea increasingly discussed across the funding market. The question is, what does it actually mean in practice? For some, it may simply mean looking beyond the headline numbers. For others, it risks becoming another industry phrase that promises more than it delivers. Done properly, storybook lending is about understanding a business and making decisions based on the full picture, rather than relying on a predetermined set of criteria. It means looking at the fundamentals, direction and potential of a business. In today’s uncertain economy, that matters more than ever. SMEs are dealing with rising costs, shifting consumer behaviour and a funding market that can feel increasingly complex. Against this backdrop, the role of the broker is evolving. Brokers are no longer simply introducing businesses to lenders; they are acting as trusted advisers, helping clients understand their options and navigate a challenging funding landscape. That means taking the time to understand not only what a business looks like today, but how it got there and where it is trying to go next.

Looking beyond the numbers Brokers are taking a storybook approach of their own. They are asking better questions. They are looking beyond the immediate figures and taking the time to understand why the numbers look the way they do. They consider what has happened historically, while also assessing where the business is heading and the opportunities that may lie ahead. That insight can make an invaluable difference to funding outcomes. While a set of accounts may raise concerns at first glance, a deeper understanding of the wider context can reveal

a very different story. Changes in performance may have perfectly valid explanations, while future potential is not always obvious from the numbers alone. The numbers haven’t changed. The understanding of them has. One strong example involved a business that had gone through liquidation and needed to build back stronger. With legacy liabilities to overcome, this was not an easy task. Alongside the broker, we saw the business’s potential. However, the complexity of the situation required close collaboration. We worked to deliver a £1.25 million restructuring package that settled liabilities, recovered key assets, provided working capital and funded replacement equipment, putting the business on a firmer foundation for growth. What made the difference was the broker’s deep understanding of the business, its circumstances and its ambitions. That context allowed the funding conversation to move beyond the immediate challenges and focus on whether there was a viable route forward. The same mindset is particularly important when trading history is limited. We recently worked with a newly established business entering the specialist manufacturing market. It had identified a strong opportunity, but with no meaningful trading history, there were few historic figures on which to base a conventional assessment. Rather than focusing on information that simply did not exist, we looked at the wider opportunity, the strength of the management team and the security available. Working in partnership with the broker, we provided more than £560,000 in funding for specialist manufacturing equipment and working capital, giving the business the platform it needed to launch and enter a new market.

Better questions, better judgement

Understanding the full story

The data supports the importance of this approach too. NACFB’s Intermediary Market Outlook 2025/26 found that 82% of businesses viewed a broker’s understanding of specific or complex circumstances as either quite important or extremely important. The same proportion highlighted the quality of advice and guidance provided as a key reason for choosing a broker over an online platform.

Ultimately, storybook lending shouldn’t be about finding reasons to say ‘yes’ when the numbers say ‘no’.

Those findings underline the value brokers bring when a funding requirement is not straightforward. Strong broker-lender relationships are particularly i mportant in those situations. A lender may understand appetite, structure and risk, but the broker often brings a much deeper understanding of the client: how the business operates, what has driven recent performance and what it is trying to achieve. The better that information is communicated, the easier it becomes to make a properly informed lending decision. At Reward, we’ve introduced broker workshops focused on understanding financial performance. The aim is to give brokers greater confidence in interpreting key financial indicators, asking the right questions and identifying risks early. Better-informed brokers can have more strategic conversations with their clients. They can identify issues earlier, understand the reasons behind movements in the numbers and present funding requirements with greater context. And better conversations often lead to better judgement, particularly when the circumstances are complex.

It is about understanding what the numbers are really saying. That distinction is important. Good lending decisions still require discipline, appropriate security and a clear understanding of risk. Looking beyond the headline figures does not mean ignoring them. It means putting them into context and recognising that a business is more than a balance sheet. Behind every set of accounts is a business owner responding to challenges, making decisions and pursuing opportunities. Sometimes recent performance tells the whole story. Sometimes it does not. Lenders and brokers who take the time to understand that wider picture are better placed to make informed decisions and identify where genuine opportunity exists. Business is no fairytale. But when brokers and lenders work together to understand the full story, SMEs are far better placed to secure the right funding outcome.

Better conversations often lead to better judgement

28 NACFB | Special feature

Hospitality’s £4.6bn finance gap Where brokers can make the difference

Michael Mann Broker Business Development Director Allica Bank

When strong hospitality businesses can access finance that works for them, the benefits can spread much further

ospitality is a big business in the UK. Restaurants, pubs, hotels, events and catering businesses generate more than £58 billion in revenue every year and support 2.6 million jobs. That’s 2.8% of the UK’s economic output and one in every 14 jobs supported by the hospitality industry. We partnered with UKHospitality to research how established hospitality businesses play a big part in that success. There are 81,530 hospitality businesses employing between five and 250 people across the UK, making up almost half of all businesses in the sector. While hospitality accounts for just 3.2% of UK businesses overall, it represents almost 7% of established businesses. This is a sector where growing beyond a single site is more common than almost anywhere else in the economy. But there’s a problem: ambition needs finance behind it.

A £4.6 billion gap that needs filling Over the past two decades, many high street banks have stepped back from lending to smaller and mid-sized businesses. That’s contributed to a UK-wide SME lending gap of an estimated £65 billion, with hospitality thought to be missing out on £4.6 billion of this.

Overdrafts are a particularly striking example. SME overdraft lending fell from £18 billion in 2000 to just £2.7 billion in 2024. This comes at a time when almost a quarter of the hospitality businesses we surveyed (23%) say cashflow pressure is their biggest barrier to growth. 19% point to a lack of available finance. For a hospitality business, flexible finance can make a real difference. Takings on a busy summer Saturday can look very different to a winter Tuesday. Access to the right finance can help a business manage the seasonal nature of hospitality, buy stock, refurbish a venue or move quickly when an opportunity comes up. Borrowing is only one side of the balance sheet. Across the UK, £126 billion sits in business accounts earning no interest, with another £122 billion earning well below the rates offered to the biggest corporates. Making surplus cash work harder could help strengthen a business without changing anything about its dayto-day operations.

Beyond access to money

Making the difference Brokers help their clients find the right lender, but they also make the process clearer and more efficient. Instead of approaching lenders one by one with the same application, a good broker who understands hospitality can get under the hood of the business, explain the case clearly and approach lenders whose appetite and criteria are a better fit. They can also help clients think about the type of finance they really need. Is it a short-term cashflow gap or money for a longer-term investment? What can the business realistically afford? What security could be needed? And what evidence will a lender want to see? For a time-poor hospitality operator, that guidance can be just as valuable as finding the finance itself.

Finance benefits more than just businesses

Our research suggests there’s another challenge too: knowing where to turn.

Closing hospitality’s finance gap isn’t only good news for individual businesses. Research from Oxford Economics found that every £1 million Allica lent to an established business in 2024 generated £2.4 million in GDP and supported 35 jobs.

Of the hospitality businesses surveyed, 13% said a lack of support or guidance was their main barrier to accessing finance. Another 12% simply didn’t know where to start or what was available.

When strong hospitality businesses can access finance that works for them, the benefits can spread much further. The right investment can mean more jobs, more business for suppliers and stronger high streets and local communities.

Put those together and one in four operators feel they’re being held back, at least in part, by uncertainty around their options. That’s where brokers can make a real difference.

For brokers, the opportunity is there to make a complicated finance market much simpler, helping hospitality clients understand their options and connecting strong businesses with finance that fits the way they actually trade.

The data – and lived experience – tell us that the lending market has changed significantly. Challenger banks now provide 60% of all UK SME lending, having overtaken the big five in 2021. For a busy business owner, navigating that wider market isn’t always straightforward. Brokers can help cut through the complexity and find finance that fits the way their client’s business actually works. That could mean an overdraft to manage seasonal cashflow, asset finance for new equipment or a term loan to help pay for a refurbishment or expansion.

For a hospitality business, flexible finance can make a real difference

30 NACFB | Special feature

The bigger picture Looking beyond value Gavin Seaholme Sales Director Shawbrook Real Estate

n commercial property finance, the value of a security is only part of the picture. The real question for brokers is how the property, the borrower and the proposed funding work together. A retail unit with flats above it, a warehouse occupied by a trading business and a multi-asset portfolio can all generate similar-looking requests, yet each demands a different conversation. The same principle applies whether a broker is working on a single trading premises or a more established portfolio; only the level of complexity changes.

Understanding the commercial case A commercial case should start with the borrower’s objective. Is the finance being used to acquire the asset, refinance, release equity to support further investment, and how does the property generate income? If it’s owner-occupied, the underlying business performance matters; if it’s an investment, the tenant and lease profile are key. These questions help brokers understand a transaction before presenting it to a lender, so the funding request is considered in the context of the borrower’s wider plans rather than as a standalone figure. Some cases are straightforward. Others need a closer look at income, borrower experience and exit strategy. Either way, the lender needs a clear commercial rationale, not just a valuation, alongside the property and financial information.

A broader view of the asset A recent Shawbrook refinance illustrates this well. The transaction involved a 20-asset commercial portfolio spanning 19 UK towns, with more than 80 leases across assets including

cinemas and bingo halls, and multiple tenants with different trading strengths and lease lengths. Rather than treating each property in isolation, we looked at the sponsor’s asset-management strategy, the portfolio’s diversified income profile, anticipated cashflows and proposed exit route. Assessing the portfolio as a whole, rather than asset by asset, gave a truer picture of risk and resilience. That view shaped the outcome: a five-year facility with a repayment profile aligned to those cashflows, giving the borrower certainty over the term while reflecting how the portfolio actually performs.

Starting the conversation early Early dialogue helps brokers test a proposed structure, identify what information may be needed and manage expectations before a full application is submitted. Digital tools bring speed and efficiency to the process, but they don’t replace a considered conversation for a tailored case, particularly where a transaction doesn’t fit a standard template. The property is the starting point. But a clear understanding of the business, income and objectives behind it is what turns a set of facts into a credible funding proposition, and helps brokers give their clients informed, confident guidance from the outset.

The real question for brokers is how the property, the borrower and the proposed funding work together

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32 NACFB | Special feature

What makes a buy-to-let deal worth doing now? The questions professional landlords are asking before they commit capital Alex Upton Managing Director, Specialist Mortgages & Bridging Finance Hampshire Trust Bank

here has been discussion about whether landlords are still prepared to invest in the private rented sector. Given regulatory change, higher costs and pressure on margins, that is understandable. But among professional landlords, the more useful question is what a property now needs to deliver before they commit capital to it. There is still appetite to buy, but landlords are applying more scrutiny before proceeding. They are looking beyond headline yield at maintenance, voids, management costs and any work a property may need. These things have always mattered, but there is less room for getting them wrong. Established landlords also have their existing portfolios to compare new opportunities against. They know which properties have produced reliable income, which have taken more time and money to run and where investment has delivered the strongest result. For plenty of investors, the right opportunity will still be a straightforward buy-to-let property. A good property in the right location, with dependable tenant demand and a sustainable rental return, can make every bit as much sense as it always has. Others will look at HMOs, multi-unit blocks, semi-commercial property or assets where there is scope to improve the income. What matters is whether the numbers work. For brokers, understanding how a landlord makes that judgement tells you more than simply knowing they want to buy again. It is just as useful to understand what would make them walk away. A purchase may work at one price but not once refurbishment is costed, while attractive income may still require more equity than the landlord wants to commit.

Those decisions affect the mortgage conversation. The borrowing needs to make sense for the property, the expected income and what the landlord is trying to achieve. Where works are involved, funding may need to reflect where the property is going rather than only where it stands on the day of purchase. That can call for a specialist approach, but not simply because the property itself is an HMO, MUFB or semicommercial asset. A conventional residential property may also need a more individual approach because of portfolio size, several SPVs, existing exposure, ownership structure or the purpose of the borrowing. For brokers, a clear view of lender appetite early can make a real difference. A conversation with someone who understands the case can establish how the lender is likely to approach it before the client commits. Buy-to-let is more nuanced than the binary way it is often discussed. Many landlords remain willing to invest, but a new property has to make a stronger case for the capital going into it. For brokers, understanding what makes a deal worth doing is as important as understanding how to fund it.

There is still appetite to buy, but landlords are applying more scrutiny before proceeding

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34 NACFB | Special feature

Going against the grain What launching Stance has taught us about broker relationships, lender flexibility and the value of doing things differently Astrid Michael Sales & Marketing Director – Asset Finance United Trust Bank

owards the end of last year, we decided to launch a new asset finance business. Because apparently running one wasn’t keeping us busy enough! Joking aside, there was a serious reason for creating Stance Asset Finance to complement UTB’s core business. We could see a growing number of good SMEs needing finance but finding themselves outside the appetite of traditional lenders, including UTB. Not because they were poor businesses, or poor credits, but because the deal simply didn’t fit more rigid criteria. We thought there was an opportunity for a lender prepared to look at those deals differently. Stance was our way of finding out. Rather than throwing open the doors and hoping for the best, we deliberately started with a soft launch, working with a select group of Founders Club brokers. The idea was to test the proposition, listen to brokers and adapt before taking Stance to the wider market. Since then, we’ve learned a lot. Perhaps the biggest lesson is that there is definitely appetite for another approach. We’ve seen strong demand from SMEs looking for refinancing, capital release and funding for growth across a wide range of assets.

Proving the proposition We’ve also learned that launching a new lender isn’t simply about having the money and products available. Brokers have plenty of choice and rightly expect a new entrant to prove itself. Credibility comes from doing what you say you’re going to do, consistently. That has reinforced something we believed from the start: relationships still matter enormously in asset finance. Brokers value being able to pick up the phone, speak to an underwriter and have a sensible conversation about something unusual rather than getting a ‘computer says no’.

Our Founders Club brokers have challenged us too, which is exactly what we wanted. Their feedback has helped us refine the proposition, our processes and how we work. Some have brought us straightforward opportunities; others appear to have taken considerable pleasure in finding increasingly unusual things for us to finance. Keep them coming! Most importantly, we’ve seen Stance being used for the job it was created for: backing viable SMEs with transactions that need more flexibility and a wider appetite.

Growing without losing what works Very soon, Stance will be open to the wider broker market. That means moving from proving the concept to scaling it without losing the accessibility and service that have helped us get this far. And that is probably our biggest challenge. Growth is great, but not if you lose the things that made brokers want to use you in the first place. As volumes increase, maintaining direct access, sensible conversations and a willingness to look at deals on their merits will be critical. We created Stance because we believed there was room for a different kind of asset finance lender. Listening to brokers and doing deals has given us even more confidence that there is. Now we’re ready to see what the rest of you can throw at us.

Credibility comes from doing what you say you’re going to do, consistently

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ANTHONY RIDGE | BARCLAYS

Bringing Barclays closer to brokers One year into his role leading business development at Barclays Business Banking, Anthony Ridge is focused on bringing the scale, expertise and capabilities of Barclays closer to the broker market.

nthony Ridge would rather we were in Wales. Asked where he would choose to meet if diaries and budgets were irrelevant, his answer is not a private dining room or somewhere within Barclays’ Canary Wharf estate. His mind goes home: South Wales, cliffs, a pebble beach and a café somewhere close to the water. Alas, we are, in fact, in Starbucks. It is a sunny Friday morning in Canary Wharf when Ridge arrives with Charlie Walters, who is shadowing him for the week. Charlie’s presence appears to make almost no difference to

what follows. Ridge talks about his childhood, his parents, leadership, family and his own shortcomings with much the same openness he brings to Barclays’ commercial strategy. Every so often he checks himself, almost apologetically, as though wondering whether he has said too much. “I’m oversharing, aren’t I?” It feels less like oversharing than a willingness to dispense with the usual executive polish. Ridge is head of business development for Barclays Business Banking, a sizeable title inside a sizeable institution, but almost

38 NACFB | The big interview

everything he talks about begins somewhere smaller. A Welsh mining valley. His family. The Barclays bank manager his parents trusted. His mother teaching him to talk to people and understand what mattered to them. Being the middle child and becoming, by his own account, the go-between. Even his house seems to work on the same principle. Ridge is a self-confessed “gadget freak nerd”, and his home is loaded with solar technology, battery storage, electric cars and assorted equipment designed to make the parts work together. He calls it an “ecosystem” with undisguised enthusiasm. Later I discover the ecosystem also contains a life-sized Stormtrooper. None of this feels especially rehearsed. Ridge holds a master’s in strategic leadership, but there is little of the standard executive performance about him. He speaks more readily about people who have changed his thinking than about his own achievements, and questions regularly cause him to pause, reconsider and sometimes revise his answer altogether. He is confident without dominating the conversation, curious by instinct and noticeably willing to change his mind. Throughout the conversation he keeps returning to one idea: people work better

when they understand and connect with one another. “I believe in the sum of all our parts,” he says later. Banking, unusually, was not an entirely accidental destination. Ridge grew up among terraced houses in a Welsh mining community where the institutions of everyday life were represented by people you knew. “I can remember the importance of a bank manager because I could see how they were helping my parents,” he says. “They were seen as somebody really trustworthy, that understood and helped people.” That bank manager worked for Barclays. Ridge can still picture the branch, a short walk from the family home. Doctors and bank managers occupied a particular position in the community: they were people you went to when something mattered. His route there was indirect. A careers adviser pointed him towards a Tesco management programme after university and Ridge spent the next 14 years in retail. Before that there had been two paper rounds, work in a local newsagent, a bar and Sainsbury’s. Customer contact runs through almost all of it. “I loved being a customer service manager,” he says of Tesco. “You were in the hub of all the interaction.” He remembers former managers by name and, more tellingly, by what they taught him. Cathy Burnham gave him an

early opportunity. Terry Griffiths changed the way he thought about data. Others reappear throughout the conversation as the source of a lesson Ridge still carries. There is very little rewriting of history from the vantage point of seniority. Whatever Ridge knows now, he seems content to acknowledge that much of it came from somebody else. Eventually Barclays came back into view. It took him three attempts to get in. “I think I was destined to come to Barclays,” he says. “Nostalgia is important to me.” Twelve years later, it is his longest professional home Ask what his team would say about him now and Ridge begins with “authentic”, “ambitious” and “curious”. Then he arrives at the word he uses most naturally: care. A moment later comes the caveat. “I’m impatient.” He expects people to deliver. He will give them room to grow and develop but says there is an expectation in return that they apply themselves. His leadership philosophy is less elaborate. “I listen first.” When he entered his current role a year ago, he spent the first three or four months doing just that. He studied the data, immersed himself in the operation and spoke to people before setting a direction. Rather than arriving with a predefined blueprint, Ridge wanted brokers, networks, colleagues and industry partners to explain where Barclays was strong and where it needed to improve. Those conversations helped shape many of the priorities the business is now pursuing. A mentor had taught him to look at any business through three lenses: what the data says, what you learn by immersing yourself in it, and finally what your instinct tells you. “I’m a feeler,” Ridge says. “I feel my way around an organisation. I listen to people. I try to understand the culture.” His master’s changed some of that thinking too. He completed it while working full-time at Barclays and raising a young family, something he is quick to say was only

This is a humanled business. Relationships matter possible because of the support of his wife and family. The experience shaped his leadership philosophy as much as the qualification itself. He talks about it less as a credential than an experience that forced him to examine assumptions, including his own. “I don’t necessarily grab the limelight,” he says. “I’m normally the person who would sit behind it and let my team take the credit. They’ve done the hard work. I’m here to help create a vision and a path, but it’s all done through them.” That path now runs directly through the commercial broker market. Nine of Ridge’s 12 years at Barclays were spent largely around residential mortgages, giving him a close view of what happens when customers increasingly choose intermediaries to help them navigate finance. He sees commercial lending moving in the same direction. “Customers go to a broker for speed and ease, and to ask: what else is there? What choice do I have?” His view of commercial brokers has changed since taking the role. From the outside, he admits, it is possible to reduce the model to its economics: business is introduced and the broker is paid. Spending time inside firms challenged that perception. “You can see that they care. They care about how they

provide the best value to that client.” He has also been struck by the technical knowledge involved. A strong broker must understand lender appetites, credit policies and different structures, then recognise where a transaction has the best chance of working. “That for me is quite phenomenal, actually.” For Barclays, the implication is straightforward. If more businesses are choosing to navigate finance through brokers, a large bank has to become easier for those brokers to navigate in return. Ridge repeatedly uses the language of speed, accessibility and consistency. Some changes are visible. Barclays has increased its presence in the market, with greater BDM resource, more activity at events and more time inside broker firms. The more important work, Ridge argues, happens once an enquiry lands. “Our goal is to respond within 24 hours.” A broker needs something useful to take back to the client: does the deal sit within Barclays’

Ultimately, we want to work with brokers who share our commitment to delivering good outcomes for customers

appetite, is the bank interested and should everybody invest more time progressing it? From there, Ridge wants cases to move more efficiently into credit writing and sanction. He says progress over the past nine months has been substantial. But when asked which part remains hardest, the answer comes immediately, consistency. Commercial lending does not lend itself easily to the machinery of residential mortgages. “No deal is the same,” he says. “There’s real nuance.” Ridge does not believe every BDM can, or should, behave identically. He talks instead about narrowing the variation: stronger induction, clearer criteria, better capability development and experienced bankers passing on what they have learnt. “You’ll never be 100% linear consistency person to person, because we’re all different. But you can close the gap.” Technology will play a part, but Ridge is emphatic on the other side. “This is a human-led business. Relationships matter.” A good BDM can look at a case and see the route through it: perhaps the structure changes, perhaps something needs reframing, perhaps what initially looks difficult is workable. He knows that judgement is difficult to automate. For Ridge, technology’s role is not to replace relationships but to remove friction. The more routine administration,

40 NACFB | The big interview

There are clear standards we expect from any broker we work with data gathering and process activity technology can simplify, the more time brokers and lenders can spend on conversations where experience, judgement and expertise genuinely add value. There is also a broader play from Barclays here. Ridge wants brokers to see more than a source of capital. The bank has expertise across healthcare, agriculture and real estate, alongside corporate and innovation banking. Eagle Labs gives it physical spaces, networks and expertise around areas such as cyber security and AI. A business could, in theory, arrive relatively early in its life and remain within the broader Barclays organisation as it grows. Ridge wants brokers to feel part of that ecosystem too. “They run businesses themselves,” he says. “How else do we add value?” The ambition is not simply to improve the lending proposition, but to make it easier for brokers to access those broader strengths through a more connected Barclays experience. Ridge now describes the North Star for that work simply: “To become both the lender of choice and the broker partner of choice.” There are questions he wants his team to ask beyond the immediate transaction. Could Barclays connect brokers with businesses? Bring people together through its regional infrastructure? Open up expertise or events that help brokers run their own firms? There is commercial intent, of course. Ridge is explicit that Barclays wants to grow its broker-introduced business. But he also appears to understand one of the tensions facing large banks particularly well: scale can provide enormous capability whilst simultaneously making an institution harder to approach. His job is to capture

one without imposing too much of the other. The same applies to standards. Asked what Barclays should reasonably expect from a broker, Ridge’s first response is simple. “Know your client.” The best submissions are immediately recognisable, he says: well structured, properly evidenced and written by somebody who understands both the business and what the lender needs to make a decision. Some broker credit papers are “unbelievable”, in the best sense. For Ridge, the point is less about a binary test than a shared professional standard. “There are clear standards we expect from any broker we work with. The strongest submissions are well structured, well evidenced and demonstrate a genuine understanding of the client and the proposed transaction. Ultimately, we want to work with brokers who share our commitment to delivering good outcomes for customers.” By the time we move away from banking, Ridge has spent the best part of an hour talking about relationships, communities and the importance of understanding other people. Life outside work, unsurprisingly, “all revolves around family”. He has three children and talks about them with an openness that occasionally threatens his composure. His ambitions for them are not expressed in terms of professions or status. “I just want my children to achieve what they want to achieve.” At home, he tries to teach behaviour before achievement: being helpful, respectful and kind; understanding money; contributing; recognising that what you do affects other people. Then there are the gadgets. The watch flashing periodically on his wrist was an

early clue. Renewable energy, batteries, electric cars: Ridge loves all of it. And Star Wars. He is not merely a casual fan. There is, remember, a life-sized Stormtrooper at home. Even Darth Vader gets the benefit of Ridge’s optimism. “He did a lot of bad things,” Ridge concedes. But Vader returned to the light eventually. “That’s my eternal optimism.” For Ridge, there is something in the wider story too: people discovering who they really are, making mistakes, changing, and relying on others to help them along the way. Luke had Yoda, Leia and Han Solo. Ridge, by his own telling, has had family, parents, managers, mentors and colleagues. Near the end of our conversation I ask what he hopes those people say about him when he is not in the room. He thinks for a moment. “That he’s a good guy. That he cares.” Being good, he adds, is not the same as being universally liked. Senior jobs require difficult decisions. “I have to make tough decisions sometimes, but I do it with compassion.” And when his particular chapter leading Barclays’ push into the broker market eventually ends, what would he like brokers to say changed? Another pause. “That Barclays’ service proposition improved immeasurably. That we made it simpler, created better access and made it easier to understand.” Then he distils it further: “In essence, making the big Barclays feel smaller to deal with.” It is hard to imagine a more Ridge-like ambition.

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42 NACFB | Advertising feature

More ways to say yes How Funding Options by Tide unlocked new revenue with FlexiPay by Funding Circle alongside term loans Genn Maravolo Head of New Channel Growth Funding Circle

Thomas Boyd Head of Partnerships Funding Options by Tide

evolving credit is still new to many brokers’ toolkits, and the same question comes up: how do you serve more customer needs with products like FlexiPay, by Funding Circle? Genn Maravolo, our head of new channel growth spoke to Thomas Boyd, head of partnerships at Funding Options by Tide, about how the product has played out for their business. Q: What attracted you to start offering FlexiPay to your clients?

The journey is seamless and transparent, with all clients getting instant decisions

“We saw clients whose lending needs didn’t map onto a term loan, some just needed ongoing cash flow flexibility rather than a lump sum. FlexiPay lets us say yes to those conversations instead of turning clients away or providing a product that might not be the right fit.” Q: Does revolving credit compete with term lending? “Not at all, if anything it’s the opposite. Our term loan volume has kept growing over the same period FlexiPay has grown. Since also selling FlexiPay, term lending volume is up 63%, 1.6x faster than the rest of the broker channel. A term loan tends to fund a specific investment; FlexiPay supports ongoing liquidity.

We regularly see the same client use both, just for different things.” Q: How has FlexiPay performed for you since launch? “Growth has been steady, and we’re pleased with the incremental value. It was a new proposition for us, so Funding Circle’s training helped us get comfortable with the sales conversations early on. Once that clicked, growth has been consistent quarter on quarter. We’ve seen a large uplift in businesses funded from Q1 to Q2; and have had a record Q3.” Q: What helped your team get up to speed so quickly? “Funding Circle’s team were on hand throughout with upskilling sessions, ongoing resources, and someone to ask when a question came up mid-conversation with a client. We didn’t have to figure out the learning curve alone.” Q: Does a recurring credit line reduce repeat broker business? “We’ve found the reverse happening. Meeting a client’s day-today cash flow needs shifts your role from a one-off transactional broker to a long-term partner. When their next big project or term loan need comes up, you’re the first person they call.” Q: What’s the process like for you and your clients? “It’s one of the easiest parts of the product to sell. The journey is seamless and transparent, with most clients getting instant decisions. On average it takes just 2 days from application to accepted offer, and one in five clients get there the same day. We’ve had clients apply in the morning and have funds by the afternoon. For a client with a payment to make, that speed matters.” Q: What kind of businesses have you placed through FlexiPay? “A real range, that’s probably the biggest surprise for brokers who haven’t tried it. We’ve supported everyone from small businesses turning over around £100,000 to established businesses turning over £20 million-plus with several hundred staff. Top sectors include construction, retail and real estate; median business age six years; median turnover £300,000.” Q: Can you share an example of how it’s worked for a client? “A fast-growing retail business came to us recently needing

an agile funding solution so they could capitalise on stock opportunities. They secured both a term loan and a FlexiPay offer within a few days and had the funds ready to use the same week. With FlexiPay, they now have a flexible £50,000 credit line that keeps them market-ready at all times. Being able to act instantly on high-value inventory has kept them ahead of competitors, and they use the facility consistently as a result. The business has since seen a significant increase in turnover and market exposure.” Q: What would you say to a broker on the fence about offering revolving credit? “Don’t hesitate. It took us a little time to find our stride, but once we did, FlexiPay became one of the easiest and most rewarding products in our range. It’s opened up conversations we’d otherwise have missed, and strengthened the relationships we already had. The upside is bigger than the learning curve.” Funding Options’ experience shows that moving beyond a single-product approach delivers real commercial returns. Term loans can power big investments, while FlexiPay can solve short-term working capital and cash flow gaps - and offering both has expanded their client base and lifted overall deal conversion. It gives brokers a fast, flexible, recurring revenue stream, backed by Funding Circle’s dedicated support and instant decisioning technology. For brokers weighing up whether FlexiPay belongs in their own offering: the early adjustment is worth it, and the growth since has spoken for itself. To learn more about FlexiPay, contact broker@fundingcircle.com or your dedicated business development manager.

…FlexiPay became one of the easiest and most rewarding products in our range

44 NACFB | Special feature

The EPC reality check Why EPCs could become the property challenge landlords can’t diversify away from Tanya Elmaz Managing Director of Intermediary Sales Together

There is an important distinction here. Current EPC proposals for commercial property are expected to focus primarily on larger buildings, while many smaller properties may continue under the existing framework with greater flexibility around implementation.

However, the direction of travel is difficult to ignore.

It’s an understandable reaction. Between the Renters’ Rights Act, rising operating costs and increasing compliance requirements, many investors are reassessing their strategies and looking at alternative opportunities. Commercial and semi-commercial property is increasingly part of that conversation and diversification can make good business sense.

For brokers, that means asking not just where clients invest next, but whether the assets they already own will remain attractive to occupiers, lenders and future buyers.

ver the past 12 months, I’ve spoken to plenty of landlords asking the same question: if residential property is becoming more heavily regulated, is commercial property the answer?

However, investors should be careful not to assume that changing asset classes removes the challenge altogether. Because while residential and commercial property may look very different on the surface, both are increasingly facing the same underlying issue: ageing property stock and growing pressure to improve energy efficiency. New analysis by Together found more than 41,000 privately rented homes in England and Wales currently fall below minimum energy efficiency standards, while almost 374,000 additional rental properties rated D or E could require improvement works if proposed future EPC requirements are introduced.

The challenge beneath the surface At first glance, that sounds like an issue affecting residential landlords. But the broader trend is worth paying attention to. Together’s commercial property analysis also found more than 137,000 commercial properties already sit below minimum EPC standards, while more than 183,000 could be affected by future EPC proposals.

As the property sector moves towards higher energy efficiency standards, the conversation is increasingly shifting from asset class to asset quality.

Planning ahead Proposed residential EPC reforms are expected to focus on a minimum EPC C standard by 2030, while commercial proposals could see larger commercial buildings move towards EPC B by 2031. Viewed together, these changes suggest investors across multiple sectors could be planning improvement works within a similar timeframe. If that happens, demand for contractors, specialist trades and building materials could rise significantly, creating challenges around both cost and availability. This is where brokers can add real value. The most useful conversations may start to be around portfolio resilience rather than acquisition. Which assets may require investment? How might future EPC requirements affect refinancing and letting options? Should improvement works be phased over time? Diversification remains a critical part of many successful property strategies. But whether an investor owns residential, commercial or mixed-use assets, energy efficiency is becoming an increasingly important consideration. The real question is no longer whether regulation is coming. It’s how prepared investors are for it.

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46 NACFB | Advertising feature

Lauren Couch Head of Business Banking Triodos Bank UK

Building better futures Financing the foundations of a healthier society

hat makes a thriving society? For me, it starts with people having the foundations they need to live well: a safe and comfortable home, access to good care and education, welcoming places to spend time together, and opportunities to connect with nature. This question sits behind every lending decision we make at Triodos Bank. We support organisations with the potential to change society for the better, not only through what they provide today, but through the stronger, healthier communities they are helping to create for future generations. Here, I’ll take a closer look at some of the sectors we support and how they are creating a healthier – and, in turn, more prosperous – society.

Healthcare We work with care home operators that put people first, providing sustainable, energy-efficient homes that support residents’ wellbeing. We have extensive experience in this sector, which represents a significant part of our loan book. Care operators face a distinct combination of regulatory and financial pressures. Our team understands these challenges and works closely with organisations to help them achieve their goals. A recent £21 million loan to Fisher Care Group is helping to fund the purchase and development of two care homes. As well as expanding provision, the finance will help the new homes operate efficiently through measures including biomass boilers, solar panels and ground source heat pumps.

These investments can improve residents’ comfort while reducing costs and greenhouse gas emissions.

Sustainable property The places where we live, work and gather directly affect how we feel and function. Air quality, temperature, natural light and accessibility all shape our experience of a building. As extreme weather puts greater pressure on the built environment, commercial property lending can support places that adapt, continue serving their communities and remain financially sustainable over the long term. Brokers can help meet this demand by working with lenders that recognise both a property’s long-term viability and its contribution to resilience, wellbeing and essential services. At Triodos Bank, we finance property where social value and environmental improvement are central to the investment case. This includes projects delivering affordable homes and workspaces, essential community services, inclusive design and measurable local economic benefits. Ultimately, it is about helping to create places where people can feel comfortable, included and connected.

Early years education and childcare Supporting future generations means helping children access inclusive opportunities to learn and flourish from their earliest years. Our relationship managers understand the challenges facing impact-led organisations that support children, vulnerable young people, families and communities.

One example is Bristol-based charity Gympanzees. A £2.2 million loan has enabled it to buy a former motorway service site and begin creating the UK’s first permanent leisure centre for disabled children, young people and their families. The purpose-built centre will offer a safe and accessible place to exercise, have fun and spend time with others. It is a powerful example of how finance can help an ambitious idea become a place of belonging.

Green tourism Healthy and fulfilling lives also depend on opportunities for leisure and connection with nature. As the flight-free movement gains traction and UK breaks grow in popularity, demand for more sustainable tourism has increased. Research by VisitEngland, VisitScotland and Visit Wales found that 22% of UK adults say climate change influences their holiday choices to a large or very large extent. Triodos Bank UK works in long-term partnership with organisations genuinely committed to sustainable hospitality and eco-tourism. We recently provided an £8 million loan to St Michaels Resort, an award-winning hotel and spa in Cornwall. The funding will enable the resort to expand its eco-conscious operations, enhance its wellbeing offer and deepen its commitment to its community and the environment.

An aligned partner These sectors are just some of those we support. Our lending

also spans renewable energy projects, nature-based solutions, faith groups and community organisations, and more. All united by a commitment to positive social and environmental impact. Yet organisations creating clear benefits for society can still struggle to access the finance they need, particularly in today’s economic environment. Financial performance remains important, but values-based lenders look beyond the numbers. We take time to understand an organisation’s purpose, long-term plans and wider impact - because these are not side notes to a strong business; they are often central to its resilience and success. Our relationship managers bring in-depth sector experience and personalised support for brokers. By working together and asking the right questions early, we can help customers who value fit as much as funding find flexible finance designed around their ambitions. For more information, visit triodos.co.uk.

We take time to understand an organisation’s purpose, longterm plans and wider impact

48 NACFB | Advertising feature

Cool capital Matthew Conroy Head of Impact Propositions Unity Trust Bank

Green finance after the UK’s hottest summer

e have just experienced the UK’s hottest summer on record, and for many businesses that reality hit close to home.

From rising energy costs and overheated workplaces to concerns about water shortages and supply chain disruption, climate change is becoming something organisations have to manage today, not tomorrow. That doesn’t mean every business needs a complex sustainability strategy overnight. But it does mean thinking differently about the future. Alongside reducing carbon emissions, organisations are increasingly recognising the need to build resilience and prepare for a changing climate. The good news is that many of the solutions that help businesses become greener can also help them become more efficient, more resilient and often more profitable. Green finance can play an important role in making those investments happen sooner, helping businesses turn good intentions into practical action. Banks, brokers and SMEs all have a part to play in that journey.

But the conversation is becoming broader. As temperatures rise and extreme weather becomes more common, businesses are also looking at ways to protect their operations and buildings. Investments in ventilation, cooling systems, water-efficiency measures and sustainable drainage can all help organisations become more resilient. This is where finance can become a catalyst for change. By combining funding with practical support, banks can help businesses understand their options, prioritise improvements and invest with confidence. Last year Unity provided £8.5 million of funding to help housing association customers decarbonise 736 homes and 21 communal spaces, proof that green finance is already delivering measurable carbon reduction outcomes. As an investor in wider climate solutions, we were the first UK bank to invest in Local Climate Bonds, committing £15 million to support environmental projects delivered by local authorities.

The Bank’s Perspective: Helping businesses take the next step

We also launched a £100 million Green Tariff to support organisations investing in energy efficiency, decarbonisation and climate resilience projects.

For many organisations, knowing where to start can be one of the biggest challenges.

The SME Perspective: Small steps can make a big difference

Banks are in a unique position to help by providing not only funding, but also the knowledge, guidance and tools businesses need to make informed decisions.

For SMEs, climate action can sometimes feel overwhelming. Yet many of the most effective actions are surprisingly straightforward.

Green finance has traditionally focused on projects that reduce emissions, such as renewable energy, low-carbon heating and energy-efficiency improvements. These investments continue to deliver significant benefits, helping businesses lower costs while reducing their environmental impact.

Simple improvements such as upgrading lighting, improving insulation, modernising heating systems or introducing smart energy-management technology can reduce energy use and lower costs almost immediately, whilst cooling can be supported by interventions such as shading.

In many cases, green finance is not simply about funding sustainability. It is about helping businesses invest in their future

Understanding how a building performs is often a good place to start. Energy audits and EPC assessments can help businesses identify where improvements will have the greatest impact and where investment could deliver the strongest return. Retrofitting buildings can provide even greater benefits over time. Solar panels, heat pumps, improved glazing and better ventilation can all help reduce emissions while making workplaces more comfortable and better prepared for hotter summers. There is also a growing business case for sustainability. More customers, investors and larger organisations are looking at environmental credentials when choosing who to work with. Businesses that can demonstrate progress are increasingly finding that sustainability supports growth as well as environmental goals. For further support, visit Unity’s Impact toolkit https://www.unity.co.uk/impact/toolkit/

The Broker’s Perspective: Guiding the conversation Brokers have an important opportunity to help businesses connect the dots.

Many SME owners understand that climate change matters, but they are often focused on running their businesses day to day. They may not know what improvements are available, where to begin or how to fund them. This creates an opportunity for brokers to become trusted advisers, helping clients explore practical ways to reduce costs, improve efficiency and strengthen resilience. They may not know what improvements are available, where to begin or how to fund them. This creates an opportunity for brokers to become trusted advisers, helping clients explore practical ways to reduce costs, improve efficiency and strengthen resilience. A conversation about green finance can often start with simple questions: • • • • •

Do you know your building’s EPC rating? Are rising energy costs affecting your business? Have you explored ways to improve energy efficiency? Are customers or suppliers asking about sustainability? Do you have plans to improve resilience to extreme weather?

These discussions can help uncover projects that make good commercial sense while supporting environmental goals. In many cases, green finance is not simply about funding sustainability. It is about helping businesses invest in their future.

50 NACFB | Special feature

Reading the rates Understanding swap rates, market sentiment and lender pricing decisions Mike Wray Product Lead YBS Commercial Mortgages

or brokers, understanding how interest rate movements translate into mortgage pricing can provide a valuable advantage when advising clients. While product rates may appear to change overnight, they are typically driven by a series of market indicators that lenders monitor closely when reviewing their pricing. One of the most important factors is the swap market. Fixed rate mortgage products are largely priced using swap rates, which reflect market expectations of future interest rates. When swap rates rise, the cost of funding fixed rate lending increases, putting upward pressure on product pricing. Conversely, falling swap rates can create opportunities for lenders to reduce rates and improve competitiveness. Lenders regularly review these movements when pricing new products or repricing existing ranges. We have observed much more volatility in swap rates over the past few years and this is primarily influenced by expectations of future Bank of England interest rates, inflation forecasts, economic growth, and employment data, as these factors shape market expectations for future borrowing costs. However, they are also affected by global financial market conditions, government bond (gilt) yields, geopolitical events, and investor demand for fixed-income assets. However, swap rates are only part of the picture. Lenders also consider factors such as loan-to-value (LTV), product type, term, expected losses, funding costs and target margins when determining final rates. Pricing models are frequently updated to reflect changing economic conditions and assumptions, ensuring products remain commercially sustainable while delivering value to borrowers.

So how can brokers use this knowledge to support their clients? Firstly, keep a close eye on market sentiment and swap rate trends rather than focusing solely on Bank of England announcements. Markets often price future expectations in advance, meaning product rates can move before an official base rate decision. Secondly, when swap rates are trending upwards, it may be beneficial to secure a product early. Many lenders allow clients to reserve a rate for a period before completion, helping protect them against future increases. Equally, when swap rates are falling, brokers may wish to monitor lender activity closely. Product repricing can sometimes lag market movements, creating opportunities for clients to access more competitive deals if timing allows. Finally, encourage clients to begin discussions well ahead of refinancing deadlines. Early engagement provides flexibility, allowing brokers to assess market direction, secure rates where appropriate and react quickly if lenders launch more attractive products.

While product rates may appear to change overnight, they are typically driven by a series of market indicators…

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52 NACFB | Special feature

A different route The rise of corporate tenancies Emma Garfitt Partner in the Landlord Financing & Conveyancing team Blacks

ith the introduction of the Renters’ Rights Act 2025, landlords across the private rented sector are reassessing how they structure and manage their property portfolios. Amid these changes, one option has attracted increasing attention: the corporate tenancy.

Why corporate tenancies fall outside the Renters’ Rights Act A corporate tenancy, sometimes referred to as a common law tenancy, is granted to a company rather than an individual. Many landlords have long valued the flexibility corporate tenancies provide. That flexibility has become increasingly attractive following the introduction of the Renters’ Rights Act 2025. Unlike assured tenancies granted to individual occupiers, corporate tenancies generally fall outside the scope of the Renters’ Rights Act. For a tenancy to qualify as an assured tenancy under the Housing Act 1988, it must be granted to an individual occupying the property as their only or principal home. A tenancy granted to a company cannot satisfy those criteria and therefore falls outside the assured tenancy regime and many of the reforms introduced by the Renters’ Rights Act. This distinction has led some landlords to explore corporate tenancy structures as a means of achieving greater contractual certainty and longer-term arrangements.

Benefits Unlike assured tenancies, corporate tenancies can offer genuine, fixed terms, typically three or five years, with break clauses where appropriate. This can provide landlords with greater certainty over occupation and rental income. Many arrangements involve housing associations, local authorities or specialist accommodation providers agreeing to pay rent regardless of occupancy, making guaranteed rental

income an attractive proposition for some landlords. Landlords may also benefit from simpler rent collection and reduced day-to-day management responsibilities through dealing with a single corporate tenant. However, guaranteed rent should not be considered in isolation and landlords should still assess the financial strength of the corporate tenant, the proposed use of the property and any occupation arrangements before entering into an agreement.

Risks and considerations While the benefits can be attractive, landlords should not assume that a corporate tenancy is a risk-free alternative. These arrangements bring their own legal and practical considerations, particularly where mortgage lenders are involved. For example, a landlord may grant a tenancy to a housing association, which in turn provides accommodation to individuals or families. Although the landlord’s direct relationship is with the housing association, understanding who ultimately occupies the property, and their legal status remains important.

Looking ahead Corporate tenancies are becoming increasingly attractive following the Renters’ Rights Act reforms, offering potential advantages such as fixed-term arrangements and guaranteed rental income. However, they create a different legal framework with risks around occupiers, lenders and the corporate tenant itself. Landlords should approach these arrangements with the same diligence as any significant property investment. Specialist legal advice can help ensure the structure delivers the intended commercial outcome while protecting both the landlord’s interests and lender security.

Many landlords have long valued the flexibility corporate tenancies provide

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54 NACFB | Special feature

Building confidence Three questions every development lender is really asking James Edwards CEO & Co-Founder Daizun Property Finance

ur approach to lending is shaped by both our experience as property developers and by our predominantly self-funded model.

This gives us an understanding of both the financial considerations and the practical realities involved in delivering a development, which informs how we assess each enquiry. Every enquiry we assess is informed by direct experience of what a development involves, while helping to avoid the risk of funds further up the chain being held up by the same small number of larger lenders applying similar lending criteria. From our own personal experience, we understand programmes that slip for unforeseen reasons, potential cost adjustments above the contingency and contractor difficulties, to name but a few. For brokers, understanding how that experience translates into our credit decisions can materially improve the quality and speed of the applications they bring forward. At its core, every development lending decision rests on three key questions: can the borrower deliver the scheme, does the build appraisal stack up, and is the lender confident in the proposed exit strategy?

It is the accumulation of several weaknesses within a single application that tends to be a coffin nail

The first concerns track record. Their own experience of an adjacent type of project and demonstrable delivery at this scale, or a professional team engaged to carry out the work. The second is seldom a question of deposit size; it is whether the borrower retains sufficient liquidity to fund the scheme in month nine, once costs might have changed. The third is the point at which brokers add the most value, by ensuring the exit is evidenced rather than assumed. A refinance with a named lender with high level terms, or for sales, strong and recent comparable sales evidence. Individually, weakness in one of these areas rarely kills a deal from proceeding. It is the accumulation of several weaknesses within a single application that tends to be a coffin nail. Equally important is an appreciation of sensitivity, rather than headline margin alone. Consider a straightforward example: a £2.6 million scheme, with a £3.4 million gross development value and a £2.2 million facility, produces a developer profit of £800,000 if delivered exactly to plan. A 10% increase in build costs, or a 10% reduction in sales values, roughly halves that outcome. Combine both movements with a few months of delays, and the surplus can fall below £100,000, without any single event having gone materially wrong. Having stood on both sides of that coin, we place considerable weight on genuine contingency, rather than a token allowance, when assessing viability. This not only causes less concern from the outset for us as the lender but also much more confidence for the borrower/developer to prepare for the unknowns. Speed at drawdown stage is where that perspective becomes most tangible to borrowers. We treat the interval between a monitoring surveyor’s report and drawdown as a real cost, not an administrative formality. In conclusion, the developers who fare best aren’t always those with the most favourable numbers. Instead, it’s those who engage early, evidence their assumptions and communicate promptly when circumstances change.

56 NACFB | Industry insight

Beyond the transaction The value of a lender relationship in a changing property market Michael Allison Commercial Director Roma Finance

understand a subsequent funding requirement. Equally, a broker who understands how a client’s financing needs may evolve can have more productive conversations with lenders at the outset.

The role of the broker is therefore becoming broader too. It is not simply about finding the cheapest or fastest source of funding for a particular transaction. It is about helping borrowers understand the implications of different funding routes and ensuring that the financing strategy supports the underlying property strategy.

For brokers, that raises an interesting question: should the lender relationship be considered part of the investment strategy itself, rather than simply the means of funding the next deal?

The specialist lending market is evolving in response. There is increasing recognition that borrowers may need support across multiple stages of the property lifecycle, including longer-term finance for assets that have previously required short-term or transitional funding.

roperty investment has rarely been a straightforward journey from purchase to exit. But as market conditions become more complex, the importance of thinking beyond the immediate transaction is becoming increasingly apparent.

Property investors are having to think carefully about costs, valuations, rental income, liquidity and exit options. Transactions that may once have been relatively predictable can now require more careful structuring, while changes in an asset or the wider market can alter a borrower’s funding requirements over time. In that environment, certainty becomes valuable. A typical property journey might begin with short-term finance to secure an acquisition, followed by refurbishment or development, stabilisation and ultimately longer-term ownership. Once an asset is refinanced, the resulting equity may then be used to fund another purchase. Each stage has different requirements, but they are not separate events. They form part of a wider investment strategy. This is where the relationship between broker, borrower and lender becomes particularly important. Historically, specialist finance has often been viewed transaction by transaction. A borrower has a funding requirement; the broker identifies an appropriate lender; the deal completes; and the process starts again when the next requirement arises. There are good reasons for that approach. Different assets and circumstances call for different forms of finance and there is value in continuity. A lender that understands a borrower’s track record, investment strategy and previous transactions may be better placed to

Recent developments across the sector reflect this shift, with lenders broadening their capabilities and funding structures to support a wider range of borrower requirements. For the broker community, the lesson is perhaps a simple one. In a challenging market, the quality of the lender relationship can be just as important as the facility itself. Speed and pricing will always matter. So will flexibility and appetite. But so too will clarity, consistency and the confidence that all parties understand what the financing is intended to achieve.

In a challenging market, the quality of the lender relationship can be just as important as the facility itself

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YBS Commercial Mortgages is a trading name of Yorkshire Building Society. Yorkshire Building Society is a member of the Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Yorkshire Building Society is entered in the Financial Services Register and its registration number is 106085. Head Oﬃce: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ. YBM 13736 05 10 26

58 NACFB | Industry insight

Breaking old habits The top five “how we’ve always done its” I’ve come across (and their impact) Josh Harris Founder & CEO Doc2

’ve had the privilege of discussing document processes with firms right across the industry, and you see the full range: the good, the bad, and the occasionally ugly. Most firms have a few habits that have quietly hardened into process. Nobody decided to do it this way; it’s just how it’s always been done. Here are five that stood out, some because I see them constantly, others because the one time I do, the risk is enormous.

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1. “We print it, sign it, scan it, and email it back.”

d to rsThe most common of the lot, so routine that nobody questions it. membe It adds days to a deal, produces a poor audit trail, and signals to

clients that you’re a step behind. A compliant electronic signature does the same job in minutes, with a stronger evidential record.

2. “We just work on trust.” Yes, this one is still out there, and it’s the single biggest risk I come across. Working on trust with no documented agreement leaves a business exposed commercially. Even worse, when a relationship breaks down there’s nothing in writing to point to. The legal consequences of no signed, enforceable record are severe, and they land exactly when you can least afford them.

3. “Only [insert name here] knows how to produce that document.”

Key-person dependency. When the one person who understands the template or process is on holiday or leaves, den, London, WC2B 5AH. the knowledge walks out of the door with them. The deal stalls, y. and nobody else can pick it up.

4. “We just use the last client’s document and update the details.” The shortcut that feels efficient and quietly isn’t. Reusing the previous document means editing rather than generating, and editing is where things get missed: a figure, a date, a name buried three pages in. There’s no worse moment to catch it than after it’s gone for signing, with the last client’s details still in it. Embarrassing at best, a breach of confidentiality at worst.

5. “Each broker keeps their template saved on their desktop.” It feels harmless: everyone has the document, everyone can crack on. The problem shows up the moment a template changes, whether a rate, a regulatory clause, or required wording. Ensuring everyone is on the latest version becomes nearly impossible, and the gap between “we updated it” and “everyone is using it” is exactly where the risk sits. When that clause matters, it tends to matter a lot. None of these come from carelessness. They come from good people making sensible choices in the moment, over and over, until the workaround becomes the way. The cost is rarely a single disaster; it’s the steady drip of wasted hours, nearmisses, and risk nobody quite owns. The good news is that every one is fixable.

Working on trust with no documented agreement leaves a business exposed commercially

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60 NACFB | Industry insight

Riding the currency swings Helping internationally trading SMEs protect cashflow and margins as volatility becomes the norm Niels Gooch Head of Sales Bibby Foreign Exchange

urrency volatility has become a defining feature of international trade over the past decade. Our annual Trading Places report, surveying internationally trading SMEs, found that 44% have been negatively affected by currency volatility, with the average estimated loss standing at a startling £71,600. But currency movements do not happen in isolation. SMEs are simultaneously dealing with geopolitical instability, tariffs, energy costs and wider cost pressures, all of which are putting further strain on already stretched cashflow and margins.

Pressure from all sides More than half (55%) of SMEs believe geopolitical risk in FX markets has increased over the past 12 months, suggesting that volatility is no longer a temporary challenge but part of the trading environment.Crucially, these risks are interconnected. More than half (52%) highlight the impact of oil and energy-related inflation. Rising energy costs can feed through into inflation differentials between economies, driving currency movements. For SMEs, this can create a double exposure as they face higher operational costs alongside adverse currency movements. A business does not need to make a loss on a currency

Volatility is no longer a temporary challenge but part of the trading environment

transaction for volatility to create financial pressure. Around three in ten firms report liquidity and funding risks, highlighting the wider financial impact of international trading pressures. Changing costs can squeeze margins on work already priced, while businesses may need more working capital to fund the same level of stock or purchases. Uncertainty can also make forecasting more difficult, particularly where long payment terms or delayed customer payments are involved.

A wider view of risk Our findings reinforce the connection between currency exposure, funding and working capital. More than a third (36%) of SMEs say overseas partners have requested upfront payment for goods and services, while 29% are experiencing late payments from international customers. Businesses can find themselves paying suppliers earlier while waiting longer to be paid, at the same time as navigating currency volatility and rising costs. For brokers already working with clients on funding needs, cashflow and growth plans, there is an opportunity to bring currency exposure into that wider picture. Rather than viewing FX, working capital and funding requirements in isolation, brokers are ideally positioned to consider how they interact and help businesses build greater resilience. That does not mean brokers need to predict currency movements or geopolitics. The answer could involve strengthening working capital through invoice finance, alongside specialist FX support and forward-looking strategies that provide greater certainty over future costs and revenues. At Bibby Financial Services, we combine FX expertise with flexible funding, delivering a joined-up solution that addresses both margin protection and cashflow management. In today’s environment, reactive approaches are not enough. SMEs still want to trade and grow internationally, but the challenge is ensuring they have sufficient working capital and a clear approach to currency risk. For brokers and specialist funders, that creates an opportunity to work together to help clients navigate an increasingly unpredictable trading environment.

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Philip Dine Partner, Banking & Finance Clarion

AI and the legal eye Why faster reporting still needs legal judgement

rtificial intelligence is becoming part of property reporting, sometimes through software that does not even carry an AI label. For lenders, faster turnaround, greater consistency and less routine work are attractive, particularly on high-volume or lower-risk transactions. What has not changed is the purpose of a property report. It assesses legal risk so a lender can understand the strength of its security and make an informed decision. Technology can help prepare that assessment, but professional judgement gives it meaning.

What AI is actually helping with Property reporting involves many routine tasks. AI can extract information from Land Registry documents, flag restrictions and charges, collate search results and compare documents

Technology can help prepare that assessment, but professional judgement gives it meaning

across portfolios or repeat transactions. Used well, it reduces time spent gathering information and gives lawyers more time to consider what the findings mean. Its reliability, however, depends on the material it receives. A system works within defined parameters and cannot account for a document it has not been given. Its output may be a useful description of the evidence, but it is not necessarily an interpretation of the risk.

Finding issues is only half the job AI is effective at processing large volumes of information and spotting patterns that merit closer attention. It might identify a restrictive covenant or a right of way affecting a property. Assessing whether that issue materially affects the lender’s security requires professional judgement, taking account of the transaction, the borrower’s circumstances and the lender’s appetite for risk. Older titles, historic drafting and bespoke arrangements demand particular care. An AI-generated summary may look complete and authoritative even when the underlying position needs further investigation. It should be a starting point for analysis, not a conclusion to adopt without challenge. Two experienced lawyers may identify the same title issue but assess its significance differently. Their task is to explain the risk it creates for this lender on this transaction, and what, if anything, can be done about it.

64 NACFB | Industry insight

Credit teams need a report that supports a decision, not merely a list of legal observations

Technology doesn’t change responsibility The use of AI does not remove a solicitor’s duty to exercise reasonable skill and care. The SRA’s Standards and Regulations require competence, appropriate supervision and accountability, whether or not technology is used. Lenders operate within a regulatory environment that emphasises governance, systems and controls, and understanding where responsibility sits when third-party information is relied upon. There are data protection considerations when AI tools process personal data in searches or title documents. Ultimately, accountability remains with the professionals producing the advice, even where technology assists the process.

Why judgement is still critical An experienced property lawyer can distinguish between an issue that is theoretical, one that can be managed and one that the lender may find unacceptable. That requires connecting title documents, searches, valuations and lender instructions rather than treating each finding in isolation. Some questions also call for a conversation: with the borrower, another adviser or the lender about its appetite for a particular risk. Credit teams need a report that supports a decision, not merely a list of legal observations. Clear explanation of the implications and possible remedies is where legal expertise adds value.

Confidence can become one of the bigger risks As AI tools improve, their polished outputs can encourage misplaced confidence. If the source documents are incomplete, outdated or unusual, important issues may be missed. That risk

is especially relevant to complex and historic titles, where small details can alter the analysis. Lenders need confidence in the conclusion and a record of how it was reached. Clear review steps, escalation routes and audit trails matter when technology contributes to a report. A weakness in the original analysis may not become apparent until a dispute or enforcement action, when the quality of that analysis becomes critical.

Lawyers are using AI without losing oversight AI can change how lawyers spend their time without replacing their role. If technology handles more extraction, comparison and administration, lawyers can focus on interpretation, challenge and advice. To do that well, they need to understand what a tool can do, the assumptions behind its output and where it may be blind. Technology can improve efficiency while human review remains structured, documented, and accountable. This can support more consistent reporting, with clearer escalation of significant issues and better use of specialist legal expertise.

The right questions As AI becomes more common, both lenders and brokers should ask where it is used, who reviews its output and how exceptions are handled. The value of a property report lies in more than how quickly the information is assembled. It lies in someone with the right experience interpreting it, challenging it where necessary and explaining what it means for the lending decision.

Service You Can Trust The service we deliver supports the experience you create for your clients which is why we’re committed to getting it right. We take pride in ensuring every interaction, across our entire team, always reflects the quality and standards both you and your clients value.

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66 NACFB | Industry insight

Beyond the rate Why headline pricing doesn’t always tell the full story Roger Morris Group Distribution Director Chetwood Bank for CHL Mortgages

n any lending market, it’s natural for attention to gravitate towards the headline rate. It’s simple, easy to compare and often the first thing borrowers and brokers see when reviewing options. However, in the specialist lending space, focusing solely on pricing can mean overlooking the factors that ultimately determine whether a case succeeds or stalls. For brokers navigating increasingly diverse client requirements, the lowest rate isn’t always the best outcome. Specialist lending exists because not every borrower, property or transaction fits neatly within a standard lending framework. Complex portfolio landlords, limited company structures, semicommercial properties, refurbishment projects and time-sensitive transactions all bring considerations that extend far beyond a rate. In these situations, the real value of a lending proposition often lies in its ability to provide a viable solution rather than simply the cheapest one. A product with a marginally lower interest rate may initially appear more attractive, but if it comes with restrictive criteria, lengthy underwriting processes or limited flexibility, it can quickly become less suitable for the borrower’s needs. Conversely, a slightly higher priced option may deliver a smoother route to completion, greater certainty of outcome and a better overall customer experience. For brokers, that distinction can be significant. Take portfolio landlords as an example. Many are now managing increasingly complex property holdings, often across different ownership structures and property types. Their priorities may include refinancing efficiently, raising capital for future investments or managing properties with characteristics that fall outside mainstream criteria. In these cases, lenders that take a broader view of affordability, property complexity or portfolio assessment can often provide

solutions that deliver greater long-term value than a product selected on rate alone. For borrowers purchasing at auction, undertaking refurbishment projects or working to tight completion deadlines, the ability to access funds quickly can be far more important than securing the absolute lowest rate available. A delayed completion could result in financial penalties, lost opportunities or significant disruption to wider investment plans. Similarly, flexibility within a lending proposition can create value that’s difficult to quantify when comparing products purely on pricing. Features such as tailored underwriting, manual case assessment, acceptance of complex income structures and the ability to consider unusual property types can open opportunities that may otherwise be unavailable. Specialist lending frequently requires a more detailed understanding of both the borrower and the property. Experienced underwriters who can assess cases individually, rather than relying solely on automated processes, often play a vital role in finding solutions where others see obstacles. None of this is to suggest that pricing is unimportant. Cost will always be a key consideration for borrowers and should form an essential part of any recommendation. However, it should be viewed alongside other factors that contribute to the overall suitability of a lending solution. In a market built around complex scenarios and individual circumstances, the best solution isn’t always the one with the lowest headline price. More often, it’s the one that delivers the right outcome. And for brokers helping clients navigate specialist property finance, that’s what truly matters.

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68 NACFB | Industry insight

A market in motion Commercial mortgage competition is heating up as SMEs look to grow Luke Watson Director of Intermediary Sales and Lending Recognise Bank

he commercial mortgage market is becoming more competitive, as recent product launches and rate reductions testify. It’s clear that across the specialist lending market lenders are increasingly prepared to compete for good commercial term business. That is welcome news for brokers and their SME clients and it’s clear that the reasons businesses are borrowing may also be changing. Recent broker research shows that expansion, including moves to new premises, now accounts for 32% of loan applications above £100,000, up from 19% earlier this year. At the same time, the proportion of larger loans being used to manage cashflow has fallen from 42% to 18%. These are significant shifts and they suggest that, while many businesses continue to face cost pressures, more SMEs may be moving from purely cost saving borrowing towards borrowing to invest, acquire and grow. If that continues, it should create opportunities across the commercial mortgage market. We’re already seeing more choice emerge from lenders and, for example, we recently introduced a five-year fixedrate commercial mortgage alongside our existing two-year fixed option, covering both owner-occupied and commercial investment property. Elsewhere in the market, other lenders have also launched products and sharpened pricing, increasing competition for borrowers. Price will clearly be important, and a more competitive market should give brokers greater scope to find deals that

work for their clients, although commercial lending has never been about rate alone. A significant proportion of the opportunities we see involve refinancing. Some borrowers are approaching the end of an existing commercial mortgage and need to secure their next facility. Others have used bridging finance for an acquisition, refurbishment or another time-sensitive transaction and now need to move onto sustainable term funding. In both cases, the cheapest headline rate is only useful if the lender can understand the transaction and deliver within the required timeframe. That will become even more important if SME confidence continues to improve. Businesses looking to purchase premises, expand operations or invest for the future need lenders that can combine competitive products with practical decision-making. Greater competition is undoubtedly positive, bringing more choice to the commercial mortgage market and potentially better outcomes for customers. However, a price war alone will not define the winners. The lenders who stand out will be those that combine competitive pricing with experienced people, clear communication and an ability to get transactions completed. For SMEs looking to move from protecting their position to pursuing their next stage of growth, that combination could prove increasingly important.

…a price war alone will not define the winners

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70 NACFB | Industry insight

Keeping things moving Proposal-to-payout challenges Caroline Winch Vice President Sales – EMEA Solifi

or most brokers, getting a proposal approved is not the finish line. It is the beginning of another critical process: turning that approval into a funded transaction quickly, predictably and without unnecessary friction. The NACFB’s Intermediary Market Outlook 2025/26 reports that Member brokers arranged £33 billion in SME lending in 2025. Making the journey from proposal to payout more predictable therefore matters not only to brokers and lenders, but to the businesses relying on that funding. Between approval and payout, a transaction may pass through documentation, supplier verification, customer acceptance, legal checks, asset validation and funding. The problem is rarely any single stage. It is what happens between them. Too often, information moves by email, documents sit in separate systems and data is rekeyed from one application to another. Meanwhile, brokers have limited visibility into what is delaying the transaction. A missing document may not be identified until late in the process. A condition may sit with one team while another waits unknowingly. Customers may even be asked for information they have already provided.

Once submitted, everyone should be working from the same information. Credit decisions, conditions, documents, communications and outstanding actions should remain connected to the transaction. Brokers should be able to see whether a case is waiting for the customer, supplier, lender or an internal approval without making several calls to find out. Automation can support routine work, from validating information and generating documents to collecting signatures and advancing a transaction once conditions are satisfied. This does not remove people from the process. It allows experienced teams to focus on cases that genuinely require judgment instead of chasing paperwork or rekeying information. A connected, measurable process also helps lenders and brokers identify bottlenecks, reduce operational effort and improve performance. Most importantly, it provides greater certainty. For brokers, that means fewer status checks, clearer client conversations and more time to build relationships and originate more new business. When a customer has ordered equipment, committed to a supplier or planned around a funding date, everyone should know what is complete, what remains outstanding and what happens next. That is how an approval becomes a funded transaction, efficiently, transparently and without losing momentum along the way.

Individually, these delays can appear minor. Collectively, they create a frustrating experience for the broker, lender, supplier and customer, and put momentum at risk. The opportunity is to treat proposal-to-payout as one connected process rather than a series of departmental tasks. That starts at submission. A strong proposal should include structured information, supporting documentation and the commercial context needed to make a decision. Wherever possible, data should be captured digitally rather than rekeyed from PDFs or emails, and required documents should be identified early.

The opportunity is to treat proposal-to-payout as one connected process rather than a series of departmental tasks

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72 NACFB | Opinion

Marc Callaghan Head of Commercial Mortgages InterBay

Opening new doors Understanding the diversification opportunity in commercial finance

hen I moved into commercial lending more than a decade ago, commercial property was often viewed as a relatively niche area of the market. Investors were more likely to focus on a single sector and build their portfolios within it. Today, portfolios are far more varied, combining different property types, ownership structures and income streams. Commercial and semi commercial assets are playing a larger role in portfolio strategies as investors seek new opportunities and greater resilience. Brokers working with landlords, business owners and investors are seeing a wider range of funding requirements emerge as a result. Many already work with clients whose ambitions extend beyond their current borrowing arrangements. The opportunity lies in recognising when a client’s circumstances have evolved and identifying where commercial finance can support their next move.

Broadening the brief We’ve seen many investors who traditionally focused on buy to let expand into commercial and mixed-use assets, while others are building holdings across multiple sectors rather than concentrating on one area of the market. The appetite to invest remains strong, but clients often expect brokers to discuss a wider range of funding options than they may have done in the past. Commercial and semi commercial property covers a wide range of assets, from offices, retail units and industrial premises to

mixed-use properties that combine commercial and residential elements. Understanding where these assets fit within a client’s long-term objectives can help brokers identify opportunities that may otherwise be overlooked. Existing clients that run their own businesses can also present opportunities that may not have been explored previously. Many are weighing the benefits of purchasing their premises rather than continuing to lease, whether to gain greater control over costs or support longer-term business plans. These conversations can often lead brokers into areas of finance that sit outside their traditional lending activity.

Beyond the product While commercial lending differs from residential finance, the fundamentals remain familiar. Success still depends on understanding the client’s objectives, experience and future plans, whether funding an owner occupier purchase or supporting an investment strategy.

Commercial transactions are rarely about matching a client to a product

The opportunity lies in recognising when a client’s circumstances have evolved and identifying where commercial finance can support their next move

As portfolios grow, borrowers are often operating across multiple asset classes and using more sophisticated ownership structures. That can create additional considerations around funding, security and affordability, making specialist guidance increasingly valuable. This is where brokers play a particularly important role, because commercial transactions are rarely about matching a client to a product. Navigating ownership arrangements, varied property types and differing lending requirements often calls for a more tailored approach and a strong understanding of the available options.

Relationships still matter The way the market operates has evolved considerably. Technology has improved efficiency, increased transparency and helped deliver faster outcomes across the industry. Borrowers now expect quicker decisions, clearer communication and a smoother experience from application through to completion. Yet commercial property transactions are rarely identical. Every case brings its own circumstances and lending

considerations, and successful results still depend on applying experience and judgement to find the most appropriate solution. At its core, commercial lending remains a relationship-driven business. Processes may be more streamlined than they once were, but trust, communication and a genuine understanding of a client’s circumstances continue to underpin successful outcomes, particularly when they are entering unfamiliar areas of the market. For many brokers, the opportunity in commercial finance is not about moving into an entirely new market. It is about recognising changing client needs and being able to support them more fully as their property interests evolve. A landlord considering a mixed-use investment, a business owner looking to purchase premises, or an investor broadening their portfolio may already be looking for guidance. By developing their knowledge of commercial and semi commercial lending, brokers can support a wider range of funding requirements and ensure they remain central to their clients’ property and business ambitions as those requirements become more complex.

74 NACFB | Opinion

Building on firmer ground What brokers need to know as development finance enters a more selective final quarter Sean Bophy Chief Commercial Officer - Business Finance Triple Point

here are welcome signs of life in the residential market after a difficult stretch, and for anyone financing developments, they matter more than the headline price indices suggest. RICS’s August survey showed new vendor instructions improving sharply in July, while appraisal activity rose 19% year-on-year, both signs that the supply side is loosening. But for lenders underwriting new schemes, the picture on the ground is less encouraging. Ibstock reported an 11% fall in domestic brick volumes in the first quarter, land agent sentiment swung from +26% to -18% in a single quarter, and London has now posted ten straight months of annual price falls. The result is a market improving in aggregate while remaining difficult to underwrite scheme by scheme. Against this mixed backdrop, two near-term events could place further pressure on viability. The Building Safety Levy takes effect on 1 October, adding a new per-square-metre cost to qualifying projects not yet through building control. The Autumn Budget follows at the end of October. Falling within four weeks of each other, they create a narrow window in which viability assumptions agreed today could look materially different by year-end.

So, what are lenders looking for? Credible, evidenced cost assumptions come first, particularly around build-cost inflation and contingency, given how quickly the input-cost picture can shift. Beyond that, lenders want a de-risked route to completion: proven delivery partners, realistic programme timelines and a sponsor who understands the regulatory gateways ahead. Increasingly, they also want to see proven demand. Location and end-market fundamentals are counting for more than they once did, with greater emphasis on schemes built around genuine local housing need rather than a thinly evidenced sales or rental case.

Experience still matters Borrowers should be weighing their own priorities differently too. A lender that has been through a cycle before, with sector specialism and a track record through a downturn, is often better placed to structure and price sensibly than one that has not. That matters more than raw access to capital. Flexibility can count for just as much as headline rate: the ability to work through a scheme’s specific complexities, whether that means planning conditions, phasing or cost overruns. In a market carrying this much regulatory and macroeconomic uncertainty, experienced, well-capitalised lenders have an important role to play in helping borrowers navigate challenges and deliver viable schemes.

A more selective market Lenders are not short of opportunities. The challenge lies in identifying schemes that remain commercially viable once rising build costs, tighter margins and rate uncertainty are factored in. That is reshaping which schemes secure funding, and brokers should be preparing clients for a more selective underwriting environment.

The challenge lies in identifying schemes that remain commercially viable

76 NACFB | Opinion

Keeping projects and exits on track Preparing borrowers for a changing property market Jemma Wood Director of Portfolio, Asset and Risk Hope Capital Property Finance

year ago, much of the conversation was about disruption on the horizon, including political uncertainty and proposed renters’ rights reform. Today, borrowers are also dealing with the practical effects of a slower sales market in many areas. Post-refurbishment valuations can come in below expectations, transactions can fall through, and vendors may need to reconsider asking prices to secure a sale. For a developer approaching the end of a short-term loan, those changes can have immediate consequences. An exit that looked straightforward at the outset may need more time, a different buyer or a revised refinancing plan. The earlier those possibilities are discussed, the more options a borrower and lender are likely to have. Lenders have responded to this environment in different ways. At Hope Capital Property Finance, we introduced a dedicated Loan Support function to give borrowers direct access to a team throughout the life of their loan. Its role is to maintain regular contact, understand how a project is progressing and help borrowers plan their exits well before a deadline becomes pressing. Sometimes that means discussing a revised sales timetable. In other cases, where suitable, an extension or additional funding through a new product may help a borrower complete the work and protect their intended exit. These decisions depend on the individual facility and circumstances, but they are easier to assess when the lender has a clear picture of the project. Change may also affect how developers choose the people who carry out their work. The proposed Trusted Trader Scheme is one

development to watch. Most tradespeople do good work, but an unreliable contractor can cause serious delays and additional costs, particularly on a project with a tight timetable. Experienced developers often have established networks built over several projects. Someone undertaking their first development or a lighter refurbishment may have fewer contacts to draw on and could find a trusted-trader scheme more useful. Its value will depend on how it operates in practice, but measures that help borrowers make informed choices and strengthen consumer protection are welcome. No scheme can replace careful planning. At the outset of a refurbishment loan, lenders should understand the proposed works, assess whether the timetable is realistic and consider how delays or changes in cost might affect the exit. Monitoring agents can provide a clearer view of progress during a build, while drawdowns that reflect the borrower’s contractor arrangements can help funds arrive when they are needed. The same attention needs to continue after completion of the loan. Borrowers should be able to speak to a team that knows their facility and will raise concerns while there is still time to act. In a changing market, the aim is simple: spot pressure on the exit early and work through the options together.

The earlier a potential problem is raised, the more room there is to find a workable solution

78 NACFB | Opinion

Secured lending deserves an earlier look Why the right option should not be the last one considered Paul Fenton Managing Director 4Syte Secured Finance

or as long as I can remember, secured loans have carried the perception of being a ‘last resort’ product, something borrowers only consider when all other options have been exhausted. In my view, that perception is outdated. When used responsibly and supported by clear affordability, secured loans can provide a sensible and cost-effective solution, particularly when refinancing expensive non-regulated debt. Yet many introducers still follow a familiar process: exploring unsecured borrowing, approaching high street banks and considering alternative finance options, before turning to secured lending only when those routes fail. For some borrowers, that approach is the wrong way around. Non-regulated secured lending should not automatically be the final product considered. If a borrower’s credit profile, funding requirement, business maturity and overall financial position indicate secured borrowing is appropriate, it should be assessed from the outset rather than treated as a fallback. The numbers demonstrate how significant specialist secured lending has become. The UK bridging market recorded almost £2.5 billion of completions in Q4 2025, while total lender loan books stood at £13.4 billion. Applications reached £11.7 billion during the quarter, underlining strong demand for specialist property-backed finance. Bridging is not the only solution available, however. Amortising term loans and interest-only facilities can also provide suitable funding depending on a borrower’s objectives and circumstances. KPMG’s Q3 2025 data showed that 45% of bridging borrowers were unregulated, highlighting how much specialist property finance now sits outside the traditional regulated residential mortgage market. So why should brokers consider secured

lending earlier in the process? Because the customer’s profile may already provide the answer. A borrower may have substantial equity available as security and a viable funding proposition yet still struggle to access unsecured finance because of historic credit issues, existing commitments, the size of the borrowing requirement or the nature of the transaction. Repeated applications to multiple lenders rarely change those underlying circumstances and can lead to unnecessary delays and frustration. An introducer’s value is often measured by how efficiently they identify the most appropriate solution. This is not about prioritising secured lending above every other form of finance. It is about prioritising the right solution over an inefficient search process that is unlikely to deliver the desired outcome. Understanding a borrower’s circumstances from the outset is essential. This includes their credit history, available security, loan-to-value ratio, existing commitments, income position, loan purpose and overall funding requirement. Where these factors indicate that a non-regulated secured loan is likely to be the most suitable solution, there is little benefit in spending days or weeks pursuing products with a low probability of success. Secured lending should not automatically be recommended, and advisers must continue to consider suitability, affordability and alternative options. However, where the circumstances support it, it deserves consideration much earlier in the process rather than being viewed as a last resort.

Understanding a borrower’s circumstances from the outset is essential

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80 NACFB | Opinion

Rate or delivery? Why brokers shouldn’t have to choose Josh Knight Managing Director, Sales & Marketing Glenhawk

here seems to be a lot of noise in the market at the moment about rate versus delivery. The argument tends to be that there is no point having the cheapest rate if the lender cannot deliver, so brokers should place greater value on the lender they trust to get the job done. I think there’s a degree of truth in that. Brokers hold valuable information on a lender’s ability to deliver. A sharp rate on a loan that never actually completes is a waste of time. But I think, in a market as competitive as ours, borrowers and brokers should expect both. Not one or the other.

The product is important If the gap between the two lenders’ rates is very large, it’d be a tough ask to put the more expensive lender forward and expect the client to stomach it. I guess that comes down to the strength of the broker’s relationship with their client. But either way, rate is just one dimension of bridging.

Commercial finance will never be decided on price alone

Deal structure matters. Fees, how interest is charged, the comparable net loans, whether drawdowns are included and what else is in the security package are all important considerations. And I think clients are within their rights to expect it all – a strong deal structure, a competitive rate and certainty of funding.

Winning the case is only half the job For lenders, I think the lesson is fairly simple. You need the rate to attract the customer, but you also need to deliver to keep the broker. Competitive pricing may get you the first case, but if the experience afterwards is poor, there is no reason to think you will get the second. The reverse is also true. Being brilliant at delivery is valuable, but I do not think lenders can rely on service alone if their pricing is consistently some way away from credible alternatives. There is only so much of a premium a client will be prepared to pay for the broker’s preferred lender.

Brokers should expect both Commercial finance will never be decided on price alone. Criteria, speed, certainty and the lender’s understanding of the deal all count, particularly with cases where there are complexities to work through, but competitive terms still have to be part of the proposition. So I am not convinced we should be debating whether rate or delivery wins. The lenders that brokers return to are the ones that understand they have to compete for the client first and then prove, through the way they handle the case, that the broker was right to choose them.

82 NACFB | Opinion

Beyond the high street Who’s really funding British business now? Stacy Clementson Head of Credit & Underwriting Fleximize

or decades, if a business needed funding, it went to a bank. That assumption is now out of date. Challenger and specialist lenders have outperformed the big five high street banks for four years running, and their share of gross SME lending is the highest on record. The market brokers operate in has been reshaped, and with it, so has the value brokers bring. The shift is a structural one. According to the British Business Bank’s Small Business Finance Markets Report, as recently as 2012, the big five accounted for 61% of SME lending. Today, challenger and specialist banks alone account for 60%, and if we include fintechs and other non-bank lenders, that rises to 68% of all SME lending. Although banks are still in the market, they’re no longer the first port of call. That reordering matters most for brokers, because it changes what “access to funding” actually means. A single relationship with a high street bank used to be enough to serve most clients. In this modern fragmented market, no single lender relationship can. Knowing which of dozens of specialist lenders will say yes – and quickly – has become the vital skill. Our own data reflects this. Over the past 12 months, broker-introduced applications have been approved at a rate of around 20%, more than double the 7–8% on direct applications. Brokers are achieving this by pre-matching businesses to lenders whose risk appetite and criteria actually fit, rather than applying blindly and hoping for the

best. The wider market tells the same story: the NACFB’s own Intermediary Market Outlook 2025/26 found that broker-led SME lending reached £33 billion in 2025, up 25% year-onyear, with a quarter of clients having been declined elsewhere before being successfully funded through a broker. That expertise compounds. Based on internal data, roughly 1 in 5 SME customers who apply through a broker return to the same broker for a second application – a share that’s climbed steadily over the past year, from around 18% to nearly a quarter most recently. Instead of it being a “one and done”, brokers are a part of how their clients plan their finances. The most sophisticated version of this is structuring. A manufacturer investing in new equipment while scaling order volumes rarely needs one loan – they may need asset finance to protect cash flow, invoice finance to unlock working capital, and a term loan for recruitment. A logistics business expanding its fleet might combine vehicle finance, invoice finance, and an unsecured facility, each from a different lender with different risk appetite and paperwork. Coordinating that sensibly, and to the right scale is expertise most SMEs simply don’t have in-house. The lending market has fragmented. Brokers are what makes it navigable.

Although banks are still in the market, they’re no longer the first port of call

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84 NACFB | Industry insight

Built for the cycle Why an NACFB Member-owned PII solution still matters Martin Richards Director NACFB Mutual

s the professional indemnity insurance market softens, brokers previously unable to serve NACFB Members are returning with new capacity. It is therefore worth remembering why the NACFB Mutual was created - and why it remains every bit as important today as it was during the hard market. Many Members will remember the capricious nature of the traditional insurer and broker model. Premiums increased sharply, often without adequate justification. Excesses rose, cover narrowed and some insurers withdrew altogether. These decisions were frequently driven less by a proper understanding of the professional indemnity exposure presented by NACFB Members than by wider market sentiment, capacity constraints and an overly cautious view of a sector not being judged on its own merits. The result was that high-quality commercial finance brokers, operating to the Association’s standards and presenting a demonstrably lower risk profile, were exposed to pricing volatility, restrictive terms and decisions made by insurers that did not fully understand their businesses. The NACFB Mutual was established in response: built by Members, for Members, to provide a stable, informed and Member-focused alternative. Because it is sector-led, sectordriven and sector-managed, it understands the true nature of Members’ exposures and can price risk accordingly. As a Member-owned organisation, the Mutual is not beholden to shareholders seeking short-term returns. Founded on collective ownership and long-term resilience, it is structured to withstand the inevitable cycles of the insurance market. The Mutual supported Members when the market was hard, continues to support them while it is soft and will remain when

the cycle turns again - as it inevitably will. Capacity, appetite and pricing change; excesses move and coverage can be restricted with little warning. The Mutual exists so Members are not left wholly exposed to those swings. Despite handling numerous claims to the satisfaction of those concerned, the Mutual is now also returning to loyal Members some of the Contributions paid in earlier years. Returning money from Members’ funds demonstrates mutuality in action in a way the traditional insurer and broker model cannot replicate. Whether Members are considering Collegiate returning with new capacity, Howden entering the sector or another commercial broker, it is important to remember the distinction. Traditional brokers rely on the continuing appetite of their supporting insurers. With the NACFB Mutual, Members deal with the risk-bearers themselves, who make risk-based judgements according to principles of fairness and equality across the membership. The NACFB Mutual should therefore be viewed not simply as an insurance product, but as a long-term strategic asset for the NACFB community. It proved its worth during a difficult market, continues to provide stability today and will remain an essential safeguard when the cycle turns again.

The Mutual supported Members when the market was hard, continues to support them while it is soft and will remain when the cycle turns again

86 NACFB | Listicle

And the winners are… NACFB celebrates outstanding Members at NACFB Commercial Broker Awards 2026

n Friday 11th September, Lancashire Cricket Club at Emirates Old Trafford, Manchester, was buzzing with energy as it played host to the largest-ever NACFB Commercial Broker Awards. A record 650 industry guests gathered to celebrate broking excellence, cheering on winners as they took to the stage to collect their accolades across 26 prestigious categories. Engagement reached new heights this year too, with more than 430 entries submitted – a 25% increase on last year – and a 16% rise in participating NACFB Member firms. The ceremony was hosted with wit and warmth by comedian Suzi Ruffell, whose sharp, no-nonsense humour kept the room entertained and the day running like clockwork. There wasn’t a dry eye in the house when Michelle West, founder of the NACFB’s charity partner, The Sam West Foundation, took to the stage to share her moving story. Guests rallied behind the cause afterwards with a lively game of Heads and Tails, raising vital funds for the charity. In an incredible act of generosity, Allica Bank’s Nick Baker donated a remarkable £5,000 to the cause. Reflecting on the day, NACFB CEO Jim Higginbotham said: “These awards not only highlight the very best in broking but also celebrate the firms pushing boundaries and helping to shape the future of our industry. I’m immensely proud that the NACFB sits at the heart of such a thriving community.” All highly commended entries and overall winners were decided by combining the insights of an expert judging panel with votes from Patron lenders and Partner suppliers.

The winners and highly commended in each category are: Asset Finance & Leasing Broker of the Year (1 to 3 brokers) – sponsored by Haydock Finance Winner: Synergi Finance Highly commended: Channel Finance Group Asset Finance & Leasing Broker of the Year (4+ brokers) – sponsored by Aldermore Winner: Charles & Dean Finance Highly commended: Rural Finance Bridging Finance Broker of the Year (1 to 3 brokers) – sponsored by Alternative Bridging Corporation Winner: Hectocorn Group Highly commended: 978 Finance Bridging Finance Broker of the Year (4+ brokers) – sponsored by Together Winner: Propp Highly commended: FRP Real Estate Advisory Buy-to-Let Mortgage Broker of the Year (1 to 3 brokers) – sponsored by Hampshire Trust Bank Winner: Word On The Street Highly commended: Dovecote Property Finance Buy-to-Let Mortgage Broker of the Year (4+ brokers) – sponsored by Barclays Winner: DMI Finance Highly commended: Real Finance

Reliance Bank wins

Community Lender of the Year

Chief Commercial Officer

Award from NACFB

Morag Davies

Reliance Bank won “Community Lender of the Year” - in both 2024 and 2025 at the NACFB Commercial Lender Awards. This award recognises our commitment to providing loans to organisations supporting their local communities. Examples of our lending include faith organisations providing practical help for people

Relationship Directors

David Price

experiencing poverty or hardship; health and social care providers; affordable housing projects and treatment centres that help people affected by gambling related harm. Reliance Bank prioritise business lending to organisations that deliver positive social impact in the UK. Helping good people do great things with money

Martin Herbert

John Myles

Reliance Bank has been at the forefront of socially responsible banking since 1890, when we were founded as the bank for The Salvation Army.

We have a specialist understanding of the following key sectors:

Community

Brian Devlin

Guy Jones-Owen

Faith

Healthcare

We provide: Loans for refinancing Loans for business acquisition Loans for property purchase Loans for refurbishment Loans for business expansion

Social Housing

SCAN

Read about our Business Loans

Peter Roper

Rob McFarlane

Proudly founded by Reliance Bank was founded as the bank for Reliance Bank was founded as the bank for

All rights reserved. Registered in England. Registration no. 68835. Registered Office: Reliance Bank Limited, Faith House, 23-24 Lovat Lane, London EC3R 8EB United Kingdom. Reliance Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority. We are covered by FSCS.

88 NACFB | Listicle

Commercial Broker Network of the Year – sponsored by YBS Commercial Mortgages Winner: White Rose Finance Group Highly commended: Synergy Commercial Finance Commercial Mortgage Broker of the Year (1 to 3 brokers) – sponsored by NatWest Winner: Clifton Private Finance Highly commended: Ross Commercial Finance Commercial Mortgage Broker of the Year (4+ brokers) – sponsored by Lloyds Bank Winner: Watts Commercial Finance Highly commended: Cornerstone Finance Group Development Finance Broker of the Year (1 to 3 brokers) – sponsored by Assetz Capital Winner: Positive Commercial Finance Highly commended: Beta Commercial Finance Development Finance Broker of the Year (4+ brokers) – sponsored by Roma Finance Winner: FRP Real Estate Advisory Highly commended: Real Finance Industry Leader of the Year – sponsored by Funding Circle Winner: Haydn Thomas – Cornerstone Finance Highly commended: Andrea Reynolds – Swoop Finance Industry Specialist of the Year – sponsored by Close Brothers Winner: Synergi Finance Highly commended: PMD Business Finance Intermediary Excellence Award – sponsored by Momenta Finance Winner: PMD Business Finance Highly commended: Cornerstone Finance Group Invoice Finance Broker of the Year (1 to 3 brokers) – sponsored by Bibby Financial Services Winner: Beta Commercial Finance Highly commended: Evolve Business Finance Invoice Finance Broker of the Year (4+ brokers) – sponsored by Time Finance Winner: Leonard Curtis Highly commended: PMD Business Finance

Northern Irish Broker of the Year – sponsored by NACFB Winner: Johnston Financial Solutions Highly commended: Enduro Finance Pioneering Broker of the Year – sponsored by Allica Bank Winner: Acorn Business Finance Highly commended: Spark Finance Rising Star of the Year – sponsored by Shawbrook Winner: Rebecca Blaymires – Watts Commercial Finance Highly commended: Chelsea Stewart – Property Finance Group Highly commended: Bea Khoshaba – Rainstone Money Scottish Broker of the Year – sponsored by ScotLend Winner: Ross Commercial Finance Highly commended: Drummond Finance Service Excellence Award – sponsored by HSBC Winner: PMD Business Finance Highly commended: Charles & Dean Finance Short Term Finance Broker of the Year (1 to 3 brokers) – sponsored by YouLend Winner: Panthera Consultancy Highly commended: Plutus Business Finance Short Term Finance Broker of the Year (4+ brokers) – sponsored by Reward Funding Winner: Charles & Dean Finance Highly commended: Propp Unsung Hero of the Year – sponsored by Ultimate Finance Winner: Barbara Curzon – Watts Commercial Finance Highly commended: Alice Manby – Charles & Dean Finance Welsh Broker of the Year – sponsored by Novuna Winner: Bathgate Business Finance Highly commended: HH Business Finance Women’s Advocate Award – sponsored by Cambridge & Counties Bank Winner: Emma Ross – Ross Commercial Finance Highly commended: Skylark Asset Finance.

90 NACFB | Five minutes with

What is the best part of your current role?

Five minutes with: Lauren Pamma Head of Energy & Infrastructure Finance, Aldermore Bank

What’s your favourite sandwich? The Pret Christmas brie, cranberry and pistachio baguette! Cheese and pickle the rest of the year. Have you checked something off your bucket list? What was it? I’ve never really had a bucket list, but I really want to visit Japan.

Gold was pushing it…beige was more accurate. It broke down as I was driving it home the day I collected it. It went straight to the scrap heap, so it wasn’t around long enough to have a name! What is the oldest item in your wardrobe?

If you could speak any language, what would it be?

I have a pair of lucky socks that I passed my driving test in, and an Oasis tour t-shirt from 1994 which I wore to last year’s reunion tour!

Italian – I did it for GSCE, have forgotten most of it, but it sounds so beautiful.

If you could choose any celebrity to be your best friend, who would it be?

What was your first big splurge?

Reese Witherspoon – she just seems so down to earth and would be fun to party with.

When I qualified as an accountant, I bought myself a horse. What was your first car? Did you name it? I was gifted my Grandad’s “gold” Metro.

What is the laziest thing you have done out of convenience? We did once pay someone to change a lightbulb in our house. How do you like to exercise? I’ve recently got into spinning classes and as long as I get an instructor with good taste in music, the 45 minutes fly by. What attracted you to work for Aldermore? I’ve worked for a very large bank, and for a start-up, and Aldermore looked like the best of both worlds – large enough to have structure and processes, but still agile enough to make quick decisions and be flexible for our customers.

I enjoy the variety it brings. One day I may be speaking at a conference to raise the profile of Aldermore in the renewables sector, the next I’m negotiating legal clauses in a financial contract, another I’m analysing financial models to write a credit paper. No two days are the same. What is the best work event you have been to? What made it so great? I was lucky enough to go on a trip to Dublin to watch the rugby last year. We took a great set of customers and it was lovely to spend a weekend getting to know people outside of transactional conversations. The Guiness was also a bonus. What professional skills do you think everyone should have? Storytelling. It sounds simple, but the ability to clearly and succinctly tell your story using powerpoint or other tools turns data into an emotional experience that people easily understand, remember and want to act on. What do you consider yourself to be good at? Cutting through ambiguity to get to the point, and building trusted relationships both internally and externally. What is the most valuable career advice you’ve been given? Don’t assume you need to be able to do everything that’s listed on a job description. I’ve let that stop me applying for jobs in the past, then I’ve looked at the person who got the job and realised I would have been a stronger candidate. What’s something about you that would surprise your colleagues? I’ve definitely suffered with imposter syndrome in the past. I’m often then surprised when it starts a conversation about them having it too, which just shows that imposter syndrome can happen to anyone.

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NACFB - Commercial Broker magazine - Q4 2026